Investing.com - The People's Bank of China on Saturday cut benchmark interest rates for a fourth time since November, and held open the door to more cuts, as the monetary authority steps up policy easing in the face a deepening slowdown.
The 25 basis point cuts were announced Saturday and bring the one-year lending rate down to 4.85% and the equivalent deposit rate to 2% effective June 28.
According to the statement, reserve ratios for some lenders including city commercial and rural commercial banks will be cut by 50 basis points.
Saturday's rate changes follow a plunge of 20 percent in China's stock market in the last two weeks.