News Journal

China announces to cut rates for the fifth time

In the last three months this is for the fifth time that the fourth biggest economy of the world, China announced to have cuts in interest rates. The years lending dropped by 0.27 % to 5.31 % and the deposit rates went down to 2.25%.

Exports of the country fell for the first time in the last seven years and imports were low to a record value .China announced to have low cost houses by 2010 and the government will also announce package to help economy come out of crisis.