China cuts interest rates for second time this year amid economic slowdown
May 11 , 2015
China has cut interest rates again, saying the move is aimed at giving a boost to development.
This is the second lowering of rates by the central bank in 2015 and the third cut in six months as the country grapples with an economic slowdown. The benchmark rate was lowered by 25 basis points and now stands at 5.1%.
The Chinese government has taken other steps to boost growth too, such as tax cuts. The IMF has predicted that the country’s growth would stabilize at around 6% by 2017.