Reuters: Financial Services and Real Estate: China shares open slightly up after interest rate cut

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

China shares open slightly up after interest rate cut Jun 8th 2012, 01:33 SHANGHAI, June 8 | Thu Jun 7, 2012 9:33pm EDT SHANGHAI, June 8 (Reuters) - China's main stock index opened up 0.6 percent on Friday, with banking stocks flat after the People's Bank of China (PBOC) cut official benchmark interest rates. The Shanghai Composite Index opened at 2,306.2 points, rebounding from Thursday's fall which brought the market to a two-month closing low amid concerns over the health of the world's second-largest economy. The PBOC announced a cut of 25 basis points in benchmark interest rates after local markets closed on Thursday that takes effect on Friday, its first rate cut since the depths of the 2008/09 financial crisis. The central bank simultaneously raised the upward limit for deposit rates that banks offer and cut the lower limit for lending rates, narrowing the gap between deposit and lending rates to boost sluggish loan demand amid a sharp slowdown in the real economy. ($1 = 6.3635 Chinese yuan) (Reporting by Lu Jianxin and Pete Sweeney; Editing by Jacqueline Wong)

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