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China cuts benchmark interest rates

Jul. 6, 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 and 31 basis points, respectively, from today sources reported.
The central bank said in a statement that it would cut the benchmark one-year deposit rate to 3.00% from the previous 3.25% and the one-year lending rate to 6.00% from 6.31%.

It is the second time that China has decided to lower benchmark interest rates in one month. The previous rate cut took place on Jun. 7 when the benchmark rates were slashed by 25 basis points.

Meanwhile, the central bank adjusted the lower limit of the floating band of loan rates to 0.7 times the benchmark from 0.8 it announced in June.

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