China cuts benchmark rate as recovery falters

The People's Bank of China (PBOC) has cut its benchmark one-year lending rate to 3.45% from 3.55% as the country's post-holiday recovery is hit by a property crisis, falling exports and weak consumer spending.To get more city news service, you can visit citynewsservice.cn official website.

In contrast, other major economies have raised interest rates to combat high inflation, and the PBOC last cut its one-year rate - on which most of China's household and corporate loans are based - in June.