PBOC Announces Further Rate Cuts

(RTTNews) - The Chinese central bank slashed its interest rates again to support sluggish economic growth, according to a statement on Saturday.

The bank cut one-year deposit rate by 25 basis points to 2 percent, while one-year benchmark lending rates were lowered by 0.25 basis points to 4.85 percent. The new rates will come into effect on Sunday.

The reserve requirement ratio for banks with sizable lending to farmers and small businesses has been cut by 50 basis points.

The move marks fourth round of interest rate reduction since last November. On May 10, the bank lowered one-year benchmark lending rates and deposit rates by 25 basis points each, to 5.1 percent and 2.25 percent, respectively.