Taiwan's central bank cuts key rate to record low

TAIWAN - The Central Bank of China (CBC) announced Monday a further cut in its key interest rates by a quarter percentage point with the aim of defusing the threat of falling prices and maintaining export competitiveness.

The discount rate will be reduced to the record low level of 1.625 percent from 1.875 percent, a central bank statement said. The rate cut was the 14th over the past two years, the China Post reported.

The central bank also cut the rate for accommodations with collateral to 2.