The People's Bank of China (PBOC), China's central bank, has decided to cut benchmark interest rates effective as of June 28, following the previous interest rate cut made on May 11 this year.
Accordingly, the one-year lending rate has been reduced by 0.25 percentage points to 4.85 percent, while the one-year deposit interest rate has been cut by 0.25 percentage points to 2.00 percent. In addition, the lending rate for between one year and five years (including five years) and the lending rate for more than five years stand at 5.25 percent and 5.40 percent, respectively. Meanwhile, the individual housing reserve fund lending rates for between one year and five years (including five years) and for more than five years stand at 3.00 percent and 3.50 percent, respectively.