China Cuts Interest Rates for First Time Since 2008
By Bloomberg News - Jun 7, 2012 9:20 AM ET
China cut borrowing costs for the first time since 2008 and loosened controls on banks’ lending and deposit rates, stepping up efforts to combat a deepening slowdown as Europe’s debt crisis threatens global growth.
The benchmark one-year lending rate will drop to 6.31 percent from 6.56 percent effective tomorrow, the People’s Bank of China said on its website today. The one-year deposit rate will fall to 3.25 percent from 3.5 percent. Banks will get extra freedom to set the amounts they pay on deposits and charge for loans in a move UBS AG calls a “milestone.”
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