Interest rates cut to tackle slowing growth
By Wang Xiaotian in Beijing, He Wei in Shanghai and Fu Jing in Brussels | China Daily | Updated: 2012-06-08 08:35
Central bank takes 'bold, innovative' decision to stimulate economy
The central bank cut interest rates for the first time since December 2008 to stabilize growth and prevent the economy from slowing further.
The People's Bank of China announced the lowering of interest rates by 25 basis points, effective on Friday.
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