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China pledges more cooperation

BEIJING: China’s central bank on Friday said it would continue cooperation to tackle the global financial crisis and maintain market stability.

The pledge came two days after the People’s Bank of China (PBOC) announced an interest rate cut in a co-ordinated global move to revive solvency in the international financial system.

The Bank on Wednesday cut the benchmark lending and deposit rates by 0.27 percentage points and the reserve requirement ratio by 0.5 percentage points amid growing fears of a slowing economy and falling equities market.

The Bank would closely watch the developments and effects of the crisis and take timely and flexibly measures according to changes in the domestic and international situations to guard against financial risks, said an official. — Xinhua

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