The People’s Bank of China (PBOC) announced on June 27 that it will cut the benchmark deposit and loan interest rates by 25 basis points (bps) starting June 28.

After the cut, the one-year deposit rate will stand at 2 percent, and the one-year lending rate at 4.85 percent, according to the announcement.

It was the fourth rate cut by the PBOC since last November and the country’s latest effort to further support the development of real economy and facilitate structural adjustment.