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China Cuts Interest Rates to Stimulate Economy
On Saturday the People’s Bank of China cut its benchmark interest rate by 0.25 point to 4.35% in a bid to accelerate the country’s economy.
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On Saturday the People’s Bank of China cut its benchmark interest rate by 0.25 point to 4.35% in a bid to accelerate the country’s economy. It was the sixth time the central bank has reduced the rate over the past 12 months.
The bank also reduced the ratio of Chinese currency to be held by lending banks. Both moves are intended to help China achieve its goal of 7% growth in gross domestic product this year.
Last week the government reported its third-quarter GDP expanded 6.9%—the slowest pace in six years—from 7% in the second quarter. China’s economic data are widely considered to be optimistic, although the government insists its figures are accurate.
China’s economy has been expanding by an average 10% per year for years. But the pace slowed to 7.4% in 2014. Economists say the level could drop further this year as the central government attempts to stabilize the economy at a sustainable growth rate.
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