The People’s Bank of China on Tuesday announced cuts to benchmark interest rates, lowering its benchmark lending and deposit rates by 0.25 percentage point. The rate cuts are effective on Wednesday and aimed a reducing corporate borrowing costs, the bank said. China’s central bank also reduced its reserve requirement ratio by 0.5 percentage point, with that requirement effective on Sept. 6. The reserve cuts are meant to ensure enough liquidity and stable credit growth, the bank said.
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