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China cuts bank RRR, lowers interest rate to boost economy
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THE People's Bank of China (PBOC), the central bank, again cut the requirement reserve ratio (RRR) and lowered key interest rates on Saturday.
The central bank cut the RRR for commercial banks serving rural areas, agriculture and small businesses by 50 basis points. The RRR for finance companies will be lowered by 300 basis points, the PBOC announced.
Benchmark interest rates have also been cut. Interest rates for one-year lending and deposits are cut by 25 basis points to 4.85 percent and 2 percent respectively. Lending of other terms and kinds will also be lowered by the same margin, the announcement said.
The adjustment will take effect on Sunday.
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