(MENAFN) China's central bank announced cutting interest rates as of May 11, marking the third time since November 2014 and aiming to boost the real economy, Xinhua reported.
The People's Bank of China (PBOC) is set to slash the benchmark deposit and loan interest rates by 25 points. Following the cut, the annual deposit rate will stand at 2.25 percent, and the lending rate at 5.1 percent.
The cuts will lower funding costs to facilitate healthy development of the real economy and ensure a modest monetary environment amid the ongoing strategy of national economic restructuring.
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