The People's Bank of China (PBoC) lowers its interest rates

Market news

25 August 2015

The People's Bank of China (PBoC) lowers its interest rates

The People's Bank of China (PBoC) announced on Tuesday that it lowered the one-year benchmark bank lending rate by 25 basis points to 4.6%. The central bank hopes with this decision to support the country's economy and to calm down the markets.

The interest rate cut would be effective from Wednesday.

One-year benchmark deposit rates were cut by 25 basis point, reserve requirements (RRR) were lowered by 50 basis points to 18% for most big banks.

New reserve requirements would be effective on September 6.

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Foreign exchange market. European session: the euro traded lower against the U.S. dollar despite the positive economic data from Germany

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