China central bank cuts two key interest ratesAFP, BEIJINGChina’s central bank yesterday said it had cut two key interest rates to historic lows, in the latest move by Beijing to boost sluggish spending and kickstart the world’s second-largest economy. The economy grew 4.6 percent year-on-year in the third quarter, its slowest rate in a year and a half, Chinese government data released on Friday showed. The country’s top banks on Friday cut interest rates on yuan-denominated deposits for the second time this year in another potential boost to spending. Months of sluggish spending have raised fears that China would dip back into deflation after it ended a months-long stretch of falling prices early this year. The real interest rate in China is too high,” he said.

Source: Taipei Times October 21, 2024 17:57 UTC