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China Cuts Interest Rates Again
On Sunday China's central bank lowered its main interest rates for the fourth time in seven months to help stimulate economic growth.
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On Sunday China's central bank lowered its main interest rates for the fourth time in seven months to help stimulate economic growth.
The People's Bank of China dropped the rate on one-year loans for commercial banks by 0.25 points to 4.85%. The bank also cut its interest rate on one-year deposits by 0.25% to 2%.
In addition, the central bank lowered the reserve ratio 50 points for banks that make loans to small businesses and farmers. The latter measure will "improve the key areas and weak links" in China's economy, notably by supporting non-state-owned businesses, according to the bank.
China's economic growth rate has eased to its slowest pace since the global economy crisis in 2008. Over the past two weeks the country's stock market, which had been performing very strongly, plunged 20%.
New-car sales were up 11% in January-May, but growth slowed to 1% last month, according to the China Passenger Car Assn.
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