PBoC cuts interest rates for third time since November
Move will do little to stimulate growth amid property glut, analysts say
The People's Bank of China (PBoC) has cut interest rates for the third time in six months to cushion an economic readjustment that has seen growth slow to its weakest pace in 25 years.
The central bank lowered its one-year benchmark deposit and lending rates by 25 basis points to 2.25% and 5.1% respectively on Sunday (May 10).
The PBoC also lifted the cap on bank deposit rates from 130% to 150% of the benchmark rates, a further step towards interest rate liberalisation. The renminbi was stable
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