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China has cut interest rates for the first time in nearly two years, as official data have shown slower economic growth rates.<\/p>\n<\/div>\n
To help boost the economy, the People’s Bank of China has said it will cut interest rates on one-year loans to 2.85 percent.<\/p>\n
Gross domestic product (GDP) has increased by 4 percent in the last three months of 2021 compared to a year earlier, said the National Bureau of Statistics.<\/p>\n
This result has been much better than the predictions of some economists, but growth has been much slower than the previous quarter.<\/p>\n
Another sign of declining trends has been the decline in retail sales by 1.7 percent.<\/p>\n
For the whole year, official data have shown that China’s economy has grown by 8.1 percent, exceeding even economists’s expectations and Beijing growth targets of about 6 percent.<\/p>\n
China’s interest rate cuts set it aside from the decisions of the world’s major central banks.<\/p>\n
The US Federal Reserve has said it plans to raise interest rates three times this year.<\/p>\n
In the UK, the Bank of England raised interest rates last month, for the first time in more than three years, in order to combat rising prices.<\/p>\n
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