Home / Knowledge / News / Textiles / 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


Interviews View All

Rajiv Sirohi, Shara

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Akash Khetan, Narayan Tex Fab

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Erwin Devloo,

Erwin Devloo

Picanol develops, produces and markets high-tech weaving machines, based...

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Abhishek Dhanuka,

Abhishek Dhanuka

Vyom International Pvt Ltd, established in 2002, is one of Surat's leading ...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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


October 2019

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

news category


Related Categories:

Advanced Search