CRI听力:Expert on China's Latest Round of Interest Rates Cut

China's central bank has cut interest rates for the second time in three months.

The benchmark deposit and lending rates are being cut by 25 basis points.

This is bringing down the one-year deposit rate to 2.5-percent.

The one-year lending rate is being cut to 5.35-percent.
 
This is the second time the PBOC has cut rates since November.

Since then, the PBOC has also cut the reserve requirements for banks, freeing up more money for banks to lend.
 
For more on the interest rate cut, we are now joined live by Mike Bastin, Director of The China Business Centre based in London.