China adds stimulus with third interest-rate cut in six months

(From Bloomberg)

China’s central bank cut interest rates for the third time in six months as it ratchets up support for an economy grappling with a debt overhang and property slump.

The People’s Bank of China will reduce the one-year lending rate 0.25 percentage point to 5.1 percent, and cut the one-year deposit rate by the same amount to 2.25 percent, effective Monday, the central bank said on its website Sunday. In another step to free up interest rates, the central bank will also raise the limit on what banks can pay savers. Read more

Categories: Asia Times News & Features, China