The cost of one-year bank loans will fall to 6.66 percent from 6.93 percent, while the benchmark one-year deposit rate falls to 3.60 from 3.87 percent, the People's Bank of China (PBOC) said. The cut in interest rates takes effect on Thursday, the central bank said on its website (www. pbc.gov.cn).
The PBOC gave no reason for the easing.
The central bank also cut interest rates and reserve requirements on Sept. 15 and Oct. 8. The latter move coincided with rate cuts by leading central banks around the world. (Reporting by Eadie Chen; Editing by Alan Wheatley)
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