Reuters: Financial Services and Real Estate: Key China money rate slumps after PBOC rate cut

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Key China money rate slumps after PBOC rate cut Jun 8th 2012, 02:27 SHANGHAI, June 8 | Thu Jun 7, 2012 10:27pm EDT SHANGHAI, June 8 (Reuters) - China's key money rate slumped by around 30 basis points on Friday morning after the People's Bank of China (PBOC) cut official benchmark interest rates, signalling that bankers expect the central bank will follow up the rate cut with looser liquidity policies. The benchmark weighted-average seven-day bond repurchase rate slumped to 2.3905 percent by 0223 GMT, compared with Thusday's close of 2.6881 percent. ($1 = 6.36 Chinese yuan) (Reporting by Lu Jianxin and Pete Sweeney; Editing by Jacqueline Wong)

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