China Cuts Lending and Deposit Rates Again    

The People's Bank of China (PBC), the central bank, cuts the benchmark one-year RMB lending and deposit rates by 0.27 percentage points, effective December 23rd, 2008, to bolster the economy.
    The one-year leading rate drops to 5.31% from 5.58%, and the one-year deposit rate falls to 2.25% from 2.52%.
    In addition, PBC cuts the required deposit reserve ratio by a half-point from December 25th, 2008.
    The move will help buoy enough confidences of investors.