China Cuts Rates

Second easing in a month aims to reverse economic slowdown.

China cut benchmark interest rates for the second time in a month and allowed banks to offer bigger discounts on their lending costs, stepping up efforts to reverse a slowdown.

The one-year lending rate will fall by 31 basis points and the one-year deposit rate will drop by 25 basis points effective tomorrow, the People’s Bank of China said on its website today. Banks can offer loans of as much as 30 percent less than benchmark rates, the central bank said.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments

Advertisement. Closing in 15 seconds.