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Key rates cut for 5th time
Published on: 2008-12-23
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China cut interest rates for the fifth time in three months, Bloomberg reported. The one-year lending rate will drop by 0.27% point to 5.31% and the deposit rate by the same amount to 2.25% from tomorrow, the People’s Bank of China said. The central bank also reduced the proportion of deposits lenders must set aside as reserves by 0.5% point. The measures are likely to be supplemented by a second stimulus plan aimed at spurring consumer spending following a 4 trillion CNY (584 billion USD) package in November that was focused on infrastructure.
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