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Unexpected cut from China’s central bank

by ChemOrbis Editorial Team -
  • 21/11/2014 (15:35)
According to media reports, China’s central bank unexpectedly cut its interest rates for the first time since July, 2012 in order to counteract the country’s weakening economic activities. The bank lowered the one-year deposit rate by 25 basis points to 2.75% and the one-year lending rate by 40 basis points to 5.6%. The new rates will be effective as of Saturday.

The Chinese economy grew 7.3% in the third quarter, posting the slowest pace since the first quarter of 2009 due to lower construction and industrial activities along with weakening domestic demand. Economists have warned that China could miss its annual growth target of around 7.5% this year.
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