The People's Bank of China (PBoC) lowered its main benchmark rates by 25 basis points on June 8, the first cuts since 2008. The central bank also adjusted its floating band for lending and deposit rates, which some observers believe is the first step to tackling risks posed by a burgeoning 'informal lending' market in China.
The move by the PBoC has resulted in the one-year deposit rate in the country now standing at 3.25%; while the one-year lending rate is now 6.31%. The floating band, which p
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