PBoC cuts policy rates, lowers RRR ratio

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.