China cuts benchmark rates by 27 basis points

By Zhang Fengming | 2008-10-29 | ONLINE EDITION

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.

People's Bank of China statement

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