The central bank cut the one-year benchmark lending and deposit rates by 25 basis points respectively on March 1, after it lowered the one-year lending rate by 40 basis points and deposit rate by 25 basis points on Nov 22.
The rate cuts combined were in line with the slowdown of consumer price index growth by 60 basis points to 2 percent in 2014, Qian said.
Other key points at the press conference
1. Silk Road Fund
The fund has finished business registration and started operating. Its job is to select good investment opportunities for development along the routes. There is no hard boundary geographically where the fund is invested, and other programs are welcome to join, as long as there is a definite need for it within the overall framework, said Jin Qi, head of the fund.
2. Hot money
Current capital outflows are not huge. Most are normal and we are always vigilant about any abnormal cross-border flows, said Zhou Xiaochuan, central bank governor
3. US rate rise
A rise in US interest rates will not "threaten" Chinese monetary policy; but it would represent a good sign of recovery in the world economy, said Zhou.
4. Renminbi exchange rate
The renminbi remains relatively stable compared with other currencies. Any fluctuations in its rate are normally influenced by international demand, as the country continues with its opening-up policy. Zhou said that he hopes the currency can soon be included in the Special Drawing Rights created by the International Monetary Fund.
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