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China Cuts Interest Rates for 2nd Time Since June

July 5, 2012 @ 7:47 AM EST

by The "State" Team

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Peoples Bank of China Announces Rate Cuts

According to the wires, the People's Bank of China cut its benchmark lending and deposit rates Thursday, marking the second rate cut since early June. The move will become effective on Friday.

The PBOC cut one-year yuan deposit rate 25 basis points and its one-year lending rate by 31 basis points, according to Dow Jones Newswires.

MarketWatch reports that the central bank also announced more relaxed rules on lending, allowing bank lending rates to fall to 70% of the benchmark rate, down from 80% currently.

The move was aimed at bolstering China’s sagging economic growth rate, which, reports indicate, may the lowest in years at the present time.

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