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The People’s Bank of China (PBC) announced today that it would cut the one-year benchmark lending rate by 27 basis points from Tuesday (September 16th), while leaving the benchmark deposit interest rate unchanged. In addition, the required reserve ratio (RRR) for small- and medium-sized banks was lowered by 1 percentage point effective on September 25. The RRR will be reduced by 2 percentage points for the same sized banks in areas badly hit by the Sichuan earthquake. However, the RRR for 6 largest banks, the Big Four (ABC, BOC, CCB, and ICBC), Bank of Communications, and Postal Savings Bank of China will remain unchanged at 17.5%. The reduction of the lending rate and the ease of the RRR for small- and medium-sized banks were aimed at "maintaining a stable, fast, and continuous development of the national economy,” according to the PBC.
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PBC has started to ease monetary policy to boost the economy
Thu, Sep 18 2008, 08:00 GMT
by BBVA Bancomer Team
The People’s Bank of China (PBC) announced today that it would cut the one-year benchmark lending rate by 27 basis points from Tuesday (September 16th), while leaving the benchmark deposit interest rate unchanged. In addition, the required reserve ratio (RRR) for small- and medium-sized banks was lowered by 1 percentage point effective on September 25. The RRR will be reduced by 2 percentage points for the same sized banks in areas badly hit by the Sichuan earthquake. However, the RRR for 6 largest banks, the Big Four (ABC, BOC, CCB, and ICBC), Bank of Communications, and Postal Savings Bank of China will remain unchanged at 17.5%. The reduction of the lending rate and the ease of the RRR for small- and medium-sized banks were aimed at "maintaining a stable, fast, and continuous development of the national economy,” according to the PBC.
Published on Thu, Sep 18 2008, 08:07 GMT
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