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China's central bank cuts reserve requirement ratio, interest rate to stimulate economy |
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20:04, October 08, 2008 |
China's central bank on Wednesday announced cuts in both interest rate and reserve requirement ratio in an effort to boost domestic economy amid worries over global financial crisis.
The deposit and lending rates will be lowered by 0.27 percentage points from Thursday and the reserve requirement ratio will be down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said.
The State Council, or cabinet, said it will scrap the five percent individual income tax on savings interest earnings starting Thursday to boost domestic demand.
Source: Xinhua
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