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China central bank cuts benchmark interest rates

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Credit: Reuters/Jason Lee


The headquarters of China's central bank, the People's Bank of China, is pictured behind an iron chain in Beijing, June 21, 2013.


It also said it would raise the ceiling for deposit rates to 1.2 times the benchmark level from the previous 1.1 times.


Following are comments from analysts on the move:


VINCENZO LONGO, STRATEGIST AT IG


'(The rate cut is) as expected after disappointing PMI manufacturing data and the recent slump in house prices. On a euphoric day like today, this piece of news is adding fuel to the fire.'


(Compiled by London editing desk)


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