China cuts interest rate
It will cut its one-year lending rate by 27 basis point from Tuesday. -AFP
Mon, Sep 15, 2008
AFP
BEIJING - CHINA will cut its one-year lending rate by 27 basis point from Tuesday, in a bid to spur growth, the central bank said.
The move was in order to ensure 'stable and relatively fast growth' in the national economy, it said in a statement.
The central bank also said it will reduce the required reserve ratio by one percentage point with effect from September 25.