Space For Rent

Space For Rent
Sunday, June 28, 2015, Ashar 14, 1422 BS, Ramadan 10, 1436 Hijr

China central bank cuts interest rate by 25 basis points
Published : Sunday, 28 June, 2015,  Time : 12:00 AM,  View Count : 11

BEIJING, June 27: China's central bank said Saturday it would again reduce interest rates by 25 basis points, its fourth such cut since November as it tries to boost growth.
The benchmark interest rate would be reduced to 4.85 percent and the deposit rate to 2 percent from Sunday, the People's Bank of China (PBoC) said on its website.
The PBoC also announced that it will cut the reserve requirement ratios (RRR) by 50 basis points for commercial banks serving rural areas, agriculture and small businesses.
The PBoC has now cut interest rates four times since November and this year also reduced the amount of cash banks must keep in reserve three times, as well as using other measures to inject liquidity into the market.
The bank said the latest moves were aimed at "stabilising growth" and "to further enhance the efficiency of monetary policy to (support) economic transformations" and are similar to cuts made last month.
China's economic growth has slowed, with gross domestic product (GDP) expanding at 7.4 percent in 2014, the lowest rate in 24 years, prompting the central bank to intervene.
The moves have had mixed success as indicators remain subdued and domestic demand low, along with a sharp decline in foreign trade and a continued contraction in manufacturing.    ?AFP

Editor : Iqbal Sobhan Chowdhury
Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka. Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000. Phone :9586651-58. Fax: 9586659-60, Advertisemnet: 9513663, E-mail: [email protected], [email protected], [email protected].