Business

China cuts rates

CHINA has cut its official interest rates for the first time in four years in the latest sign of concern about the deepening eurozone crisis.

As part of a managed slowdown the People's Bank of China cut its one-year lending rate by a 0.25 percentage points to 6.31 per cent.

The one-year deposit rate is also lower, down to 3.25 per cent.

Earlier this year the People's Congress nominated a growth rate of 7.5 per cent, which sends a message about a managed slowdown.

But this is also about politics and managing sensitivities about the political change of guard at the top and the potential for any unrest.

Read more at ABC news online.

Topics:  cash rate, china, chinese economy, interest rates


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