China Cuts Benchmark Interest Rate to Support Economic Growth
China cut its benchmark interest rates and required reserves. The Chinese central bank said it will cut its 1-year lending rate by 0.27% from September 16th and cut its reserve requirement for small banks by 1%. Its deposit rate was left unchanged, along with its reserve requirements for ICBC and other big banks. The PBOC said the aim of the cuts was to keep economic growth fast and stable.