The People’s Bank of China announced new interest rate cuts. The benchmark one-year lending and deposit rates are both cut by 0.25 percentage point to 5.1 percent by the Bank. This step was taken in order to support the economy after slowdown results from the first-quarter economic growth, CNN reports.
The Chine’s government has more tools to fight against low growth such as to speed up infrastructure spending and other investment projects that are leaded by the government, but it does not hurry to do so.