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China Again Cuts Interest Rates as Concerns Mount Over Economy
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The People's Bank of China lowers the benchmark lending and deposit rates by 0.25 of a percentage point, and cuts the reserve requirement ratio by 0.5 of a percentage point. The PBOC said the move was designed to offset "the persisting downward pressures on the country's economic growth." It was also designed to offset the large volatility in China's stock markets. The PBOC also removed the upper limit on interest rates for fixed term deposits of more than one year, as part of interest rate liberalization. The move also counters the large capital outflows affecting China, as is happening for all emerging markets, of $70 billion in July. These outflows may have accelerated in August 2015 with declining investor confidence. Experts say the reserve ratio cut should inject about $100 billion into the banking system.
China's interest rate cut by 0.25 percentage point and lowering of the reserve requirement for banks by the PBOC in August 2015
08/25/2015
The action was designed to offset the volatility in the stock markets in July and August 2015 and the declining investor confidence in the economy.
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