In a move that took a number of investors by surprise the Peoples Bank of China (PBOC) announced that with effect tomorrow it was cutting its benchmark interest rate by 25 basis points to 6.31%, a monetary policy move which will help to ensure that Beijing will get the soft landing it has been angling for. This is the first interest rate cut that the Chinese central bank has made since the 2008-2009 global financial crisis. Read more
