China’s central bank cut its benchmark lending rates by 25 basis points to 4.85 percent on Saturday, the fourth reduction since November, as it gears up to lower borrowing costs and support a slowing economy.
The People’s Bank of China (PBOC) also reduced one-year benchmark deposit rates by 25 basis points to 2 percent, it said in a statement on its website, adding that the reductions would take effect on Sunday.
The PBOC last cut interest rates on May 10, lowering one-year benchmark lending rates by 25 basis points to 5.1 percent, and lowering one-year benchmark deposit rates by 25 basis points, to 2.25 percent.
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