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Chinese Central Bank Cuts Interest Rates

Economy

The People's Bank of China cut interest rates and signalled a reduction in the bank reserve ratio on 25 August in a bid to arrest sharp declines in the country's stock market and support the wider economy, the FT reports. The one-year benchmark bank lending rate was cut by 25 basis points to 4.6% and one year benchmark deposit rates by the same amount to 1.75%. Meanwhile, the central bank also announced that, from 6 September, the reserve requirement for most major banks would be reduced by 50 basis points to 18%.