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China: Central bank cuts key interest rate to 4.35%

  • 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.

     

     

    Tagged as: Chinese central bank, one-year benchmark interest rate, percentage points, Chinese economy, China growth, business news