Via Goldman Sachs’ Yu Song,
The PBOC cut the benchmark lending and deposit rates by 40 bp and 25 bp, respectively. Meanwhile, the deposit rate ceiling was increased to 1.2 times the benchmark deposit rate (from 1.1 previously), effective from Nov 22. The one-year benchmark lending rate will stand at 5.6% (vs 6% previously) and one-year benchmark deposit rate at 2.75% (vs 3% previously).