Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200810/20081029/article_378703.htm
China cuts benchmark rates by 27 basis points
Created: 2008-10-29 19:21:29, Updated: 2008-10-29 20:08:43
Author:Zhang Fengming
China this evening announced the third interest rate cut in less than two months.
The one-year benchmark lending rate will be ratchetted down by 0.27 percentage points to 6.66 percent. The one-year deposit benchmark rate will also be whipped by 0.27 percentage point to 3.6 percent, the People's Bank of China said on its Website.
Both will be effective tomorrow.
The rate on public housing fund will be unchanged.
The one-year benchmark lending rate will be ratchetted down by 0.27 percentage points to 6.66 percent. The one-year deposit benchmark rate will also be whipped by 0.27 percentage point to 3.6 percent, the People's Bank of China said on its Website.
Both will be effective tomorrow.
The rate on public housing fund will be unchanged.
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