BEIJING : China's central bank will cut the rates on its relending facility by 25 basis points to support the rural sector and small firms, effective from Dec. 7, state-run Securities Times reported on Tuesday, citing sources.The three-month relending rate will be cut to 1.7per cent, while the six-month rate will be cut to 1.9per cent and the one-year rate will be lowered to 2per cent, the newspaper reported."Today's loans are based on the new interest rate.
Investors are closely watching to see if the central bank will cut its benchmark lending rate, or loan prime rate , in the coming months, after it said on Monday it would cut banks' reserve requirement ratios from Dec. 15.
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