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China cuts interest rates for 4th time, eases lending to small biz, to boost sluggish economy
– canadianbusiness.com
BEIJING, China – China’s central bank has announced the fourth recent round of interest cuts and lower reserve requirement ratios for small businesses, as Beijing tries to shore up the country’s sluggish economy.
The People’s Bank of China said Saturday that it would cut the rate on a one-year loan by commercial banks by 0.25 percentage point to 4.85 per cent. The interest rate paid on a one-year deposit was lowered by 0.25 point to 2 per cent.
Rates were cut on Nov. 22, March 1 and then May 11. The new rates take effect Sunday.
The central bank also says the reserve requirement ratios to small businesses would be lowered by 50 points, a move that would boost lending.
Economic growth has slowed in China, and its stock markets plunged Friday.
The post China cuts interest rates for 4th time, eases lending to small biz, to boost sluggish economy appeared first on Canadian Business – Your Source For Business News.
The People’s Bank of China said Saturday that it would cut the rate on a one-year loan by commercial banks by 0.25 percentage point to 4.85 per cent. The interest rate paid on a one-year deposit was lowered by 0.25 point to 2 per cent.
Rates were cut on Nov. 22, March 1 and then May 11. The new rates take effect Sunday.
The central bank also says the reserve requirement ratios to small businesses would be lowered by 50 points, a move that would boost lending.
Economic growth has slowed in China, and its stock markets plunged Friday.
The post China cuts interest rates for 4th time, eases lending to small biz, to boost sluggish economy appeared first on Canadian Business – Your Source For Business News.
Greeks called upon to vote on bailout proposal; eurozone ministers gather to discuss situation
– canadianbusiness.com
ATHENS, Greece – Anxiety over Greece’s future swelled on Saturday, with people queuing outside banks to withdraw cash, after Prime Minister Alexis Tsipras’ call to have the people vote on a proposed bailout deal increases the risks that the country might fall out of the euro.
The call for a vote radically raises the stakes in a standoff between Greece and its creditors over the terms for more financial support to the country. Greece’s bailout program expires on Tuesday, after which it is unclear whether its banks would be able to avoid collapse.
The Greek Parliament is due to debate and vote at midnight Saturday on the government’s request for a referendum as finance ministers from the 19 euro countries, Greece’s main creditors, were gathering to discuss the situation in Brussels.
About 50 people, most visibly anxious, were waiting early in the morning outside a Piraeus Bank branch in central Athens, one of very few that opens on Saturdays, before they found out it wouldn’t be opening after all…
The call for a vote radically raises the stakes in a standoff between Greece and its creditors over the terms for more financial support to the country. Greece’s bailout program expires on Tuesday, after which it is unclear whether its banks would be able to avoid collapse.
The Greek Parliament is due to debate and vote at midnight Saturday on the government’s request for a referendum as finance ministers from the 19 euro countries, Greece’s main creditors, were gathering to discuss the situation in Brussels.
About 50 people, most visibly anxious, were waiting early in the morning outside a Piraeus Bank branch in central Athens, one of very few that opens on Saturdays, before they found out it wouldn’t be opening after all…
