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Monday, October 26, 2015

BREAKING : China's Central Bank Cuts Rates

WSJ - China's central bank cut both interest rates and the reserve-requirement ratio for banks, in a bid to revive slowing economic growth.

The People's Bank of China said it would cut its benchmark lending and deposit rate by 0.25 percentage point to 4.35% and 1.5%, respectively. This is the sixth cut in benchmark interest rates since November last year.

The central bank also scrapped its cap on deposit rates and said it would lower its reserve-requirement ratio for banks by 0.5 percentage point.

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