China central bank eases key deposit and lending rates

NEW YORK (MarketWatch) — China’s central bank said Wednesday it is cutting key one-year interest rates. The People’s Bank of China said on its Web site that it was reducing the benchmark one-year deposit rate by 27 basis points to 3.60% from 3.87%. It also cut the one-year lending rate 27 basis points to 6.66% from 6.93%. A basis point is 1/100th of a percentage point. The move comes as China’s policymakers are focusing on bolstering their nation’s economy and supporting the domestic financial market.

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