Central Bank of China cut its key rate to a record low

Almaty. August 25. Silkroadnews - "People's Bank of China, which performs the functions of the Central Bank of China, announced a reduction in the annual rate by 25 basis points - to 4.6%. At the same time the rate of annual deposits was also reduced by 25 basis points - to 1.75%. For the National Bank of China this is the fifth rate cut since November last year", - stated the RBC.
The bank acknowledged that today there are "significant risks for the stable development of China's economy", and believes that low interest rates will help to "stable and smooth development of the real sector".
Together with a reduction in rates PBOC resorted to another method of stimulating lending - it lowered the standards of obligatory reserves for most banks by 50 basis points.
Reportedly, the innovation will come into effect from September 6, when the rate of reserves in Chinese banks reach 18%.