China to cut benchmark interest rates by 25 basis points

China to cut benchmark interest rates by 25 basis points
A building under construction is seen near the traditional Yu Yuan Garden in downtown Shanghai, February 12, 2015.

BEIJING - China's central bank said on Saturday it would cut benchmark interest rates by 25 basis points to 5.35 per cent.

The People's Bank of China said it would further liberalise interest rates and lift the ceiling for the floating range for the saving rate to 1.3 times the benchmark rate.

The central bank said it would cut the benchmark saving rate by 25 basis points to 2.5 per cent.

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