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BEIJING, Oct. 23 (Xinhua) -- The People's Bank of China, the central bank, announced on Friday that it will cut the benchmark deposit and loan interest rates by 0.25 percentage point starting Oct. 24.
The reserve requirement ratio (RRR) will also be cut by 0.5 percentage point.
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No basis for long-term depreciation of Chinese currency: Premier Li
BEIJING, Oct. 22 (Xinhua) -- China has taken timely measures to cope with unusual capital market fluctuations, and has successfully forestalled potential systemic financial risks, said Premier Li Keqiang in Beijing on Thursday.
While meeting with former U.S. treasury secretary Henry Paulson, Li spoke about the turmoil in the global financial market this year and the unusual fluctuations on China's capital market, especially the stock market.Full Story
Economist advises more balanced RMB policy
BEIJING, Oct. 23 (Xinhua) -- China should adopt a more balanced and flexible currency policy in response to two-way fluctuations of the renminbi (RMB), or yuan, in the future, a central bank economist said on Friday.
Yao Yudong, head of the Research Institute of Finance and Banking under the People's Bank of China (PBOC), wrote in the Shanghai Securities News that official policies should be well-prepared for both rises and falls of the RMB in the future, veering from the traditional theme of targeting the currency's appreciation.Full Story
