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NewsDay

AMH is an independent media house free from political ties or outside influence. We have four newspapers: The Zimbabwe Independent, a business weekly published every Friday, The Standard, a weekly published every Sunday, and Southern and NewsDay, our daily newspapers. Each has an online edition.

China cuts interest rates to boost economy

Business
BEIJING — China’s central bank cut its benchmark lending rates by 25 basis points to 5,1% yesterday, the third reduction since November, as it seeks to lower borrowing costs and support the slowing economy.

BEIJING — China’s central bank cut its benchmark lending rates by 25 basis points to 5,1% yesterday, the third reduction since November, as it seeks to lower borrowing costs and support the slowing economy.

The People’s Bank of China (PBOC) reduced one-year benchmark deposit rates by 25 basis points, it said in a statement on its website, adding that the reductions would be effective on May 11.

The central bank said the move would support the healthy development of the economy.

The PBOC last cut interest rates on February 28, lowering one-year benchmark lending rates by 25 basis points to 5,35%, and cutting one-year benchmark deposit rates by 25 basis points to 2,5%.

China launched a scheme to insure bank deposits from May 1, ushering in a reform seen as vital for freeing up a highly-protected banking sector. — Reuters