China cut benchmark interest rates on Saturday for the second time in three months as worries mount over slowing growth and the threat of deflation.
The People’s Bank of China, the central bank, cut the benchmark one-year lending rate by 25 basis points to 5.35 per cent and the one-year benchmark deposit rate by the same amount to 2.5 per cent on Saturday night, effective from midnight.
The PBoC cut rates for the first time in more than two years on November 22 but many Chinese analysts and policy makers have been calling for further monetary easing as growth continues to slide and deflation looms.
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