16508
China Cuts Interest Rates
World Economy

China Cuts Interest Rates

China’s central bank cut its benchmark interest rate on Sunday for the third time since November, as economic growth cools to levels not seen since the global financial crisis, Reuters reported. The People’s Bank of China (PBOC) lowered its benchmark lending rate by 25 basis points (bps) to 5.1%, and its one-year benchmark deposit rates by the same amount to 2.25%, adding that the reductions would be effective from May 11. The central bank said in a statement on its website that the move would support the healthy development of the economy. Economists had said it was not a matter of if, but when China eased policy again after economic growth in the first quarter cooled to 7%, the slowest pace since 2009. Some market watchers had even said the central bank was risking falling behind the curve in responding to rapidly deteriorating conditions. Initial indicators and industry surveys for April released had pointed to a further loss of momentum heading into the second quarter.

 

Short URL : http://goo.gl/KagB26

You can also read ...

Capital Economics forecasts Turkey’s GDP growth will fall to 3.5% in 2018 from 7.4% in 2017.
Expectations for Turkey's end-2018 inflation rate rose from 12...
Trump Tactics Sabotaging US Economy, Markets
Wall Street could be making a costly mistake. According to...
File photo of finance ministers and central bankers from the G20 nations.
Global economic growth is poised to pick up this year, though...
Apple Watch Smells Losses
The latest round of US tariffs on $200 billion of Chinese...
Italian Bonds, Stocks Fall
Italian bond yields rose and equities sold off on Friday after...
Technology Can Help Workers From the Informality Trap
Technology and what it will do to change how people work is...
Moody’s Warns Philippines of Downside Risk
Debt watcher Moody’s Investors Service on Friday said the...
A weaker yuan remains a source of risk for global currency markets.
The Chinese yuan slid to its lowest in more than a year on...

Trending

Googleplus