China: Central bank cuts key interest rate to 4.35%
October 24 , 2015
The Chinese central bank has cut its one-year benchmark interest rate by 0.25 percentage points to 4.35 per cent.
The bank also cut the ratio of currency that banks are expected to hold.
The government hopes that such steps will help it meet its 7 per cent growth target for this year. After growing at an average rate of 10 per cent annually for 30 years, the Chinese economy has been slowing down in the past few years.