Home | China | World | Business China Cuts Interest Rates by 0.25 Percentage Points THU, FEB 21, 2002     The People's Bank of China (PBOC) announced in Beijing Wednesday that it has decided to lower the interest rates of deposits in Renminbi by an averaging 0.25 percentage points as of February 21. A spokesman for the PBOC said that the central bank's decision aims to overcome the negative effects of the slowed growth of global economy on the development of China's economy, and maintain a sustained, fast and healthy development of the national economy. According to the announcement, the annual interest rate of current deposit is lowered from 0.99 percent to 0.72 percent, while that of one-year fixed-term deposit is lowered from 2.25 percent to 1.98 percent. At the same time, the annual interest rate of various loans is lowered by an average of 0.5 percentage points. The interest rates for deposited reserves by financial institutions in the central bank is lowered from 2.07 percent to 1.89 percent. The PBOC spokesman said that the interest rate cut is a measure adopted by the central bank following sustained decrease of economic growth and consumer prices over the past few months. The move will help cut corporate interest rate expenditure and lower their costs. Editor:Hope CCTV.com Recommend to your friend email:    China Central Television,All Rights Reserved