The People's Bank of China (PBOC) said it was lowering the one-year
benchmark bank lending rate by 25 basis points to 4.6 % The rate
cut, the fifth since November, will be effective from Aug. 26,2015 it said
in an online statement.
One-year benchmark deposit rates were also reduced by 25 basis points,
and the ceiling for deposit rates with tenors of over a year was
scrapped to further free up China's interest rate market.
China's central bank cut interest rates and lowered the amount of
reserves banks must hold for the second time in two months on Tuesday,
ratcheting up support for a stumbling economy and a plunging stock
market that has sent shockwaves around the globe
The cuts followed a shock devaluation in the yuan two weeks ago, a move
authorities billed as aiding financial reforms, but which some saw as
the start of a gradual slide in the currency to help Chinese exporters.
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