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Textiles

Apex bank of China cuts lending rates

08 Jun '12

1 min read

The central bank of China has decided to reduce interest rates by 0.25 percent effective from June 8.

Accordingly, the benchmark lending and deposit rates of all Chinese financial institutions will decline 0.25 percent effective from today.

This is the first rate cut in 42 months implemented by the central bank which last revised interest rates in December 2008.

Experts view this move on expectations by the apex bank that the economic data for May 2012 might be pessimistic.

Fibre2fashion News Desk - China

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