The central bank decided to cut the benchmark deposit and lending rates and deposit reserve ratio

In order to further the implementation of appropriate monetary policy, the People's Bank of China decided: From December 23, 2008, down one-year yuan loans to keep the benchmark interest rate 0.27 percentage points in all other grades of the deposit and loan period of interest rate adjusted accordingly. At the same time, the central bank reduced refinancing and rediscount rate. From December 25, 2008, financial institutions, down RMB deposit reserve rate by 0.5 percentage points.