China's central bank cut its benchmark one-year lending rate by 25 basis points to 4.60 percent, the deposit rate by a similar 25 points to 1.75 percent and lowered the reserve ratio for major financial institutions by 50 basis points to 18 percent in response to "downward pressure on economic growth."
The People's Bank of China (PBOC) has now lowered its key rate by 100 basis points this year and by 140 points since it embarked on its easing cycle in November 2014.
The PBOC said the rate cuts will take effect on Aug. 26 while the cut in the reserve ratio will take effect Sept. 6.
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The People's Bank of China (PBOC) has now lowered its key rate by 100 basis points this year and by 140 points since it embarked on its easing cycle in November 2014.
The PBOC said the rate cuts will take effect on Aug. 26 while the cut in the reserve ratio will take effect Sept. 6.
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China cuts rate 25 bps, lowers reserve ratio 50 bps
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