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Report: China to see more interest cuts in 2009

(Xinhua)
Updated: 2009-01-19 14:21

China will continue to see more interest cuts throughout 2009 to enhance market fluidity, according to an economic outlook released by Bank of China (BOC) in Beijing on Monday.

The country's major lender expected the People's Bank of China (PBOC), or the central bank, to lower the benchmark interest rates of both deposit and credit to 1.44 percent and 4.5 percent respectively.

Special Coverage: Interest Rate Cut Related readings:  Drastic interest rate cut soon  China cuts interest rates to bolster economy  Bank of Communications expects 2 to 3 rate cuts for 2009

The benchmark deposit and credit rates now stand at 2.25 percent and 5.31 percent respectively after five cuts within three consecutive months from last September.

The PBOC is also expected to further lower the required reserve ratio to 10 percent this year from the current 14.5 percent. The central bank has already conducted four similar cuts since last October to encourage more bank lending for industries thirst for capital.

The country's fiscal deficit is estimated to reach 500 billion yuan ($73.09 billion) in 2009, up 178 percent from last year's 180 billion yuan, as the government plans to expend billions of dollars on state projects to boost economy.

Despite the four-trillion yuan stimulus package initiated by the government to boost domestic demand, the BOC report said China would not be immune to a global recession. The country would suffer further economic downturn before seeing signs of recovery in 2010.

The bank expected the economic growth to slow to about 8 percent this year, compared with the 13 percent historical peak in 2007.