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China cuts interest rate by 25 basis points

Jun. 8, 2012 (China Knowledge) - The People's Bank of China, the country's central bank, announced yesterday that it would lower the benchmark deposit and lending rates for financial institutions by 25 basis points from today, sources reported.
The central bank said in a statement that it would cut the benchmark one-year deposit rate to 3.25% from the previous 3.50% and the one-year lending rate by the same margin to 6.31% from 6.56%.

It is the first time that China has decided to lower benchmark interest rates since December 2008.

Meanwhile, the central bank adjusted the upper limit of the floating band of deposit rates to 1.1 times the benchmark and the lower limit of the floating band of loan rates to 0.8 times the benchmark. The move suggests that banks get more freedom in setting their deposit and lending rates.

The rate reduction came after the country's economic growth hit a three-year low of 8.1% in the first quarter and key economic indicators for April continued to suggest downward trend.

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