INVC NEWS
Bangkok: China has stepped up efforts to revive its economy by reducing the key policy rate and interest rate on bank deposits. This step has been taken in view of the decline in global stock markets, which has increased the losses in Chinese markets. By noon on Wednesday, Hong Kong’s Hang Seng fell 1.4 percent and the Shanghai Composite Index fell 0.4 percent.
The People’s Bank of China said on Thursday that it has cut the lending rate for a one-year medium-term policy loan by 20 basis points to 2.3 percent. The interest rate on seven-day loans has been reduced to 1.7 percent. Major government banks have cut deposit rates to ease pressure on their finances. The central bank had cut several other lending rates earlier this week to get the economy back on track.
