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| China's Central Bank Cuts Interest Rates | | The picture taken on November 27, 2008 shows the building of the People's Bank of China (PBOC), China's central bank in Beijing. The PBOC said on Wednesday it would cut the benchmark one-year yuan lending rate to 5.58 percent from 6.66 percent and the one-year yuan deposit rate to 2.52 percent from 3.60 percent. The monetary easing is aimed at "ensuring ample liquidity in the banking system and promoting stable credit growth to make the monetary policy play an active role in supporting economic growth", the PBOC said in a statement. (Xinhua) |
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