The benchmark one-year lending rate was cut by 27 basis points to 5.31 per cent, while the one-year deposit rate was lowered by the same amount to 2.25 per cent.
The People's Bank of China, the central bank, also reduced the amount of money banks must hold in reserve by cutting the required reserve ratio by 50 basis points, a move that analysts say will release Rmb300bn ($43.8bn) for the banks to lend.
Faced with a much more severe slowdown than anticipated, China's leaders have moved quickly in recent weeks to shore up crumbling growth, announcing a series of fiscal stimulus initiatives and infrastructure projects.
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