SteelOrbis Shanghai
The People's Bank of China (central bank) has decided to cut the benchmark interest rate, the second such move in less than one month following the previous reduction on October 8.
On October 29, China's central bank announced a reduction in the benchmark interest rate of financial institutions to take effect as of October 30. Following the adjustment, the one-year deposit interest rate will be lowered by 0.27 of a percentage point to 3.6 percent, and the benchmark interest rate for one-year loans will decrease by 0.27 of a percentage point to 6.66 percent, with the lending rate of housing accumulation funds remaining unchanged.
China is currently facing concerns over an economic slowdown, necessitating more macro-control policies to stimulate the economy. The central banks of other countries worldwide, including the US Federal Reserve, are also working on further interest rate cuts.