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China’s central bank lowers interest rates by 0.25%

by ChemOrbis Editorial Team -
  • 11/05/2015 (10:49)
China’s central bank, the People’s Bank of China (PBOC), cut its benchmark lending rate by 25 basis points to 5.1% in order to stimulate the country’s slowing economy. The central bank cut its rates for the second time this year. The PBOC also announced that it reduced the one-year benchmark deposit rate by 25 basis points to 2.25%. The new rates will be effective as of May 11.

The rate cut is the government’s latest efforts to boost the slowing economy. In the first quarter of this year, China’s economic growth slowed to 7% on the year from 7.3% in the last quarter of 2014. For 2015, China’s government set its economic growth target at 7%.
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