Wed, November 26, 2008
Business > Economy

China central bank cut interest rates by 1.08 percentage points

2008-11-26 09:08:03 GMT2008-11-26 17:08:03 (Beijing Time)  Xinhua English

BEIJING, Nov. 26 (Xinhua) -- China's central bank slashes the lending and deposit rates by 1.08 percentage points as of Thursday in the latest effort to stimulate economy.

The People's Bank of China (POBC) announced on Wednesday that as of Dec. 5, it also would lower the reserve requirement ratio by 1 percentage points at the large banks and by 2 percentage points at the smaller and medium-sized banks.

The large lenders include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank of China.

The monetary easing was aimed at "ensuring ample liquidity in the banking system and promoting stable credit growth to make the monetary policy play an active role in supporting economic growth", the POBC said in a statement.

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