Beijing: In an effort to shake up the country’s economic slowdown, China's central bank on Thursday cut benchmark interest rates by 25 basis points.
This is China’s first cut in interest rates since the depth of the 2008-09 financial crisis.
With this cut, the benchmark one-year lending rate will drop to 6.31 percent from previous 6.56 percent.
In a statement on its website, the People’s Bank of China (PBOC) said the new rate will come into effect from Friday, June 8.
The PBOC also cut deposit rates by 25 basis points to 3.25 percent from the previous 3.50 percent.
First Published: Thursday, June 07, 2012, 17:57