Top 10 economic events that made news in 2014
Updated: 2014-12-29 07:53 By Mu Chen/Zhu Wenqian (皇冠体育app Daily)10. Central bank cuts interest rate, triggering stock rally
On Nov 22, the People's Bank of 皇冠体育app cut the lending and deposit interest rates for the first time since July 2012, signaling that the government is aiming to bolster the country's slowing economic growth. The central bank lowered the benchmark one-year loan rate by 0.4 percentage point to 5.6 percent, and reduced the benchmark one-year deposit rate to 2.75 percent from 3 percent. The unexpected moves raised hopes for better growth and market liquidity, which contributed to a later best one-week stock rally of the Shanghai Composite Index in five years. The unwarranted bull market, however, has since spurred concerns from investors and warnings from regulators.
