Home / Knowledge / News / Cut in benchmark lending rates to help SMEs
Cut in benchmark lending rates to help SMEs
19
Sep '08
People's Bank of China (PBC) announced recently that it had decided to cut RMB benchmark lending rates for financial institutions and the reserve requirement ratio for small and medium-sized financial institutions.

The decision also aims to solve prominent problems in current economic operation, and maintain stable, sustained and relatively fast growth of the national economy.

It has been noted that these many SMEs are hit hard by a tighter credit regime and need support from the Government. Experts believe that this measure was another attempt to provide some relief to these enterprises, which are playing important role in creating new job opportunities in China.

As of September 16, 2008, the one-year RMB benchmark lending rate was lowered by 0.27 percentage points. Other benchmark lending rates are to be lowered by margins in reverse proportion to maturities. Benchmark deposit rates remain unchanged.

As of September 25, 2008, the RMB reserve requirement ratio is to be lowered by 1 percentage point for depository financial institutions, with the temporary exception of the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, the China Construction Bank, the Bank of Communications and the Postal Savings Bank of China.

Besides, the reserve requirement ratio for financial institutions incorporated in areas worst hit by the Wenchuan earthquake will be cut by 2 percentage points.

Fibre2fashion News Desk - China


Must ReadView All

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Pantone

Textiles | On 25th Jun 2018

Pantone unveils polyester standards

Pantone, provider of professional colour standards for the design...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Urmil Arya

Sushila International, a well established textile organisation established ...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search