China to cut key interest rate to 6% from 6.31%

05 July 2012 17:13  [Source: ICIS news]

SINGAPORE (ICIS)--China will cut its bank lending rate by 31 basis points and deposit rates by 25 basis points from 6 July, the central bank said on Thursday.

The benchmark one-year lending and deposit rates will be lowered to 6% and 3% respectively, the People’s Bank of China (PBoC) said.

This is the second time this year that China has lowered interest rates and follows a 25-point cut on 8 June.

By: Fanny Zhang
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