China cuts interest rate by 31 bps to 6.0%

    China's central bank cut its benchmark rate by 31 basis points to 6.0 percent, the second time in a month that the People's Bank of China (PBoC) has reduced its interest rates.
    PBoC said in a statement that it also cut the one-year deposit rate by 25 points to 3 percent and lowered the floor for lending rates to 70 percent of benchmark rates from 80 percent.
    The previous cut in rates by China's central bank came on June 7 when the benchmark rate was cut by 25 basis points to 6.31 percent.
    www.CentralBankNews.info