Central Bank Cuts Interest Rates for Third Time Since November

(Beijing) – China's central bank cut interest rates once again by 25 basis points effective May 11 – the third time it has reduced the benchmark deposit and lending rates since November.

The change reduced the guiding interest rate on one-year loans to 5.1 percent, the lowest ever. The interest rate for one-year term deposits was trimmed to 2.25 percent, the lowest since 2004 and the same as that in 2009 following the global financial crisis.