Source: CCTV.com

10-09-2008 09:05

Special Report:   Global Financial Crisis

Central banks around the world have joined together to slash interest rates by half a percentage point in an unprecedented effort to stop the current financial crisis from snowballing into a catastrophe.

The European Central Bank

The US Federal Reserve, the European Central Bank, the Bank of England and their counterparts in Sweden, Switzerland and Canada all took part in the coordinated rate cut, which was announced at 7pm Beijing time. The Bank of Japan did not participate in the rate cut. But it said it supports the action, noting its own monetary policy was already accommodative. It said it will study ways to improve its market operations to enhance the stability of the financial markets.

The central banks said in a joint statement that the recent intensification of the financial crisis had augmented the downside risks to growth, and that some easing of global monetary conditions is therefore warranted.

 

Editor:Xiong Qu