PBoC steps up easing with another rate cut

People's Bank of China
People's Bank of China

The People's Bank of China (PBoC) cut two of its key interest rates for the second time in three months, as inflation continues to edge downwards.

The one-year deposit rate was lowered by 25 basis points to 2% and the one-year lending rate by the same amount to 5.35% on Saturday, according to a statement from the PBoC.

The announcement came ahead of official data released on Sunday that showed a second consecutive month of shrinking manufacturing activity.

The deposit rate ceiling was raised

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