China slashes interest rates
2012-07-05 14:55:39
China cut its interest rates in an unexpected move on Thursday amid increasing signs of a slowdown in the economy.
The People's Bank of China said in a statement that it was lowering the one-year deposit rate by 25 basis points
The one-year lending rate was reduced by 31 basis points.
The reserve requirement ratio was reportedly left unchanged.
The new rates will come into effect on July 6.