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China Central Bank cuts interest rates for the 4th time since Nov
June 27, 2015, 9:52 am

The world’s second-largest economy reported economic growth of 7.4% in 2014, the slowest pace since 1990, weighed by a slumping property market and a slow recovery for global demand [Xinhua]

The world’s second-largest economy reported economic growth of 7.4% in 2014, the slowest pace since 1990, weighed by a slumping property market and a slow recovery for global demand [Xinhua]

China’s central bank on Saturday cut benchmark interest rates by 25 basis points to 4.85 percent on Saturday, the fourth cut in recent months.

The People’s Bank of China also lowered one-year benchmark deposit rates by 25 basis points to 2 per cent.

The PBOC cut benchmark interest rates in November for the first time in more than two years, triggering a bull run in the domestic stock market. The PBOC has since cut rates two more times — one in March, the other in May.

Chinese Premier Li Keqiang said on Friday “the economic fundamentals were still very strong in China”.

“We will continue to ensure the economy operates within a proper range, enhance targeted economic regulation,” he added.

The Chinese Central Bank trimmed banks’ reserve requirement ratios twice this year.

Beijing’s economic growth target for the year is set at 7 per cent.

TBP