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No interest cuts despite stockmarket rumors

By Xin Zhiming (China Daily)
Updated: 2008-11-24 16:02

China's interest rates are at a "relatively appropriate" level, but could be adjusted depending on the country's monetary policy needs, Yi Gang, deputy governor of the central bank, said over the weekend.

But Yi did not rule out possibility of further cuts this year. Any adjustment would be made in accordance with the changing situation of the economy, Yi told Hong Kong-based Phoenix TV.

It was rumored on Friday that China would cut interest rates at the weekend, triggering a rebound on the benchmark Shanghai Composite Index in afternoon trading after heavy losses in the morning. The market slumped today, with the Shanghai index ending 1897 points, down 3.67 percent.

China has cut interest rates three times since mid-September, most recently on October 29, in an effort to support growth at a time of deepening global recession.

China's annual consumer inflation has fallen for six consecutive months, down to 4 percent in October from a 12-year peak of 8.7 percent in February.