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Further rate cut highlights Beijing’s concerns about weak credit demand

05 July 2012

The People’s Bank of China (PBoC) cut interest rates for the second time in less than a month today, with the benchmark one-year lending rate cut by 31bp to 6% and the benchmark one-year deposit rate cut by 25bp to 3%. 

RENMINBI COMPASS

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Renminbi Compass, a new research service launched by the FT, aims to act as a navigational guide through the expanding universe of renminbi asset classes. With the Chinese currency gaining ever-wider acceptance around the world and Beijing taking steps to open its capital account, we are broadening our research coverage to include not only equity funds but also all other important renminbi asset classes, such as chengtou bonds, dim sum bonds, real estate, trust products, underground banking, art, antiques and several others.