China Cuts Benchmark Interest Rate to Support Economic Growth.China cut its benchmark interest rates and required reserves Required reserves The dollar amounts, based on reserve ratios, that banks are required to keep on deposit at a Federal Reserve Bank. required reserves . The Chinese central bank said it will cut its 1-year lending rate by 0.27% from September 16th and cut its reserve requirement for small banks by 1%. Its deposit rate was left unchanged, along with its reserve requirements Reserve Requirements Requirements regarding the amount of funds that banks must hold in reserve against deposits made by their customers. This money must be in the bank's vaults or at the closest Federal Reserve Bank. for ICBC ICBC Industrial and Commercial Bank of China ICBC Insurance Corporation of British Columbia ICBC International Commercial Bank of China ICBC Imax Cargo Bay Camera (Space Shuttle) ICBC Interagency Committee on Back Contamination and other big banks. The PBOC PBOC People's Bank of China PBOC People's Bank Of California said the aim of the cuts was to keep economic growth fast and stable. 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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