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Rate cuts depend on China's situation

By Wang Xu and Zhang Ran (chinadaily.com.cn)
Updated: 2009-03-06 14:13

China's central bank will consider its own economic situation in deciding whether to cut interest rates, despite a new round of global interest cutting moves starting this week, Su Ning, deputy governor of the central bank, said Friday on the sideline of the Second Session of the 11th National Committee of the Chinese People's Political Consultative Conference.

The Bank of England and the European Central Bank on Thursday cut their benchmark interest rates by half a percentage point to their lowest levels ever. In Asia, the Philippines, India and Indonesia also joined the new round of interest-rate cutting to combat the global financial crisis.

On the question of lowering the bank deposit-reserve ratio, Su said the current liquidity is very fluent, suggesting there is no urgency to lower the ratio. China's money supply in January rose 18.8 percent year-on-year.