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China cuts benchmark interest rates, first since July 2012

Deposit rate down 0.25 point at 2.75%; lending rate reduced by 0.4 point to 5.6%

Published Fri, Nov 21, 2014 · 09:50 PM
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Beijing

CHINA cut benchmark interest rates for the first time since July 2012 as leaders step up support for the world's second-largest economy.

The one-year deposit rate was lowered by 0.25 percentage point to 2.75 per cent, while the one-year lending rate was reduced by 0.4 percentage points to 5.6 per cent, effective Saturday, the People's Bank of China said on its website on Friday.

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