Central Bank of China cuts rates for 6th time since Nov 2014

Central Bank of China announces another interest rate cut for the sixth time since November 2014

Photo by: Reuters
Photo by: Reuters

Central Bank of China cuts interest rates for the sixth time since November 2014 on Friday, in another attempt to jumpstart a slowing economy.

The People's Bank of China (PBOC) said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35 percent, effective from Oct. 24.

The one-year benchmark deposit rate was also lowered by 25 basis points to 1.50 percent.

China has pursued its most aggressive policy easing cycle this year since the 2008/09 global financial crisis, as policymakers seek to invigorate an economy beset by weak demand and excessive industrial capacity.