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The People's Bank of China has cut its interest rates again and lowered the reserve requirement ratio in an effort to boost the ailing economy.
- The Chinese central bank reduced its benchmark one-year lending rate by 25 basis points to 4.35%.
- At the same time the central bank cut its one-year deposit rate by 25 basis points to 1.5%.
- Policymakers also slashed the reserve requirement ratio, the amount of reserves banks must hold, by 50 basis points with an extra 50 basis points reduction for some institutions.
