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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

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