Friday, 23 October 2015

China's central bank cut interest rates for the sixth time since November on Friday

China's central bank cut interest rates for the sixth time since November on Friday in another attempt to jump start a slowing economy. The People's Bank of China (PBOC) said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35 percent, effective from Oct. 24. The one-year benchmark deposit rate was also lowered by 25 basis points to 1.50 percent. China has pursued its most aggressive policy easing cycle this year since the 2008/09 global financial crisis, as policy makers seek to invigorate an economy beset by weak demand and excessive industrial capacity.

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