Financial Times FT.com

China cuts rates in step with the west

By Mure Dickie in Beijing

Published: October 8 2008 18:13 | Last updated: October 8 2008 18:13

China cut interest rates on Wednesday for the second time in less than a month, a move that complemented the co­ordinated easing by global central banks and signalled official determination to support domestic economic growth.

While the People’s Bank of China, the central bank, gave no reason for its rate cut and did not link it with that of counterparts in the US, Europe and elsewhere, analysts said there was little doubt the timing was influenced by the international effort to counter the effects of the global financial crisis.

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