(MENAFN) China's central bank said it would lower interest rates by 25 basis points, marking its fourth cut since November as part of its efforts to boost growth, The Peninsula Qatar reported.
The benchmark interest rate would be lowered to 4.85 percent and the deposit rate to 2 percent this week, the People's Bank of China (PBoC) said on its official website.
The PBoC also announced that it will cut the reserve requirement ratios (RRR) by 50 basis points for commercial banks serving rural areas, agriculture and small businesses.
The PBoC has now cut interest rates four times since November and this year also reduced the amount of cash banks must keep in reserve three times, as well as using other measures to inject liquidity.
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