Posted on 09/15/2008 10:11:16 PM PDT by TigerLikesRooster
China cuts rates, lowers reserve ratioBy Xin Zhiming (China Daily)
Updated: 2008-09-16 07:02
China's central bank Monday cut the cost of bank loans, the first time since 2002, and lowered the proportion of money lenders must have as reserves, the first such move in nine years, to keep the economy from sliding further.
The benchmark lending rate will be lowered by 0.27 percentage point to 7.20 percent from Tuesday.
However, benchmark deposit rates remain unchanged with the one-year rate to be kept at 4.14 percent, a proof that the central bankers are keeping an eye on inflation.
(Excerpt) Read more at chinadaily.com.cn ...
Ping!
Hey, how’d that olympic thingee go for ‘em?
They have their hands full, which include coping with the fallout of U.S. financial crisis.
Not too bad since China is still loaning the U.S. Government a Billion Dollars a Day.
OH OH something is up beside Lehanan brothers troubles BTW Tiger I watching CNBC world right now it is bad in Austraila at this time
At least the Chinese were nice enough to buy up a lot of our toxic mortgages *CMOs*
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