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China Lowers Interest Rates Again
China's central bank has cut its key interest rate for the third time in six months this time to 5.1% to help stimulate the country's economy.
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China's central bank has cut its key interest rate for the third time in six months this time to 5.1% to help stimulate the country's economy.
The Peoples' Bank of China lowered its benchmark lending rate from 6% to 5.6% last November, then to 5.35% in March. The new rate took effect earlier today. Still, real interest rates remain higher than the norm.
China's economic growth slowed from 7.3% in the fourth quarter of 2014 to 7.0% in the first quarter this year, the weakest pace since early 2009.
Economists suggests stronger stimulus may be needed if the government wants to accelerate growth. They say the country's producer price index has been shrinking for more than three years, housing prices began sliding a year ago and the annualized inflation rate has been less than 2% since last September.
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