China cuts main interest rate

China cuts main interest rate

China has cut its main interest rate.

The reduction, of a quarter of one percent, will take effect from tomorrow and is aimed at boosting the economy.

It comes after two days of turmoil on stock markets.

Dan O'Brien, Chief Economist at the Institute of International and European Affairs says if there is a recession in China, it shouldn't lead to a recession in Europe.

"It will effect Ireland if there is a serious recession in China, but I think there's a good reason to think that it will not tip the rest of Europe, or all of Europe and America into recession," said Mr O'Brien.

"It will effect us, but probably not to the point tat it will send us into recession."


More in this Section

Irish tourism expected to see 80% drop in business this year due to coronavirusIrish tourism expected to see 80% drop in business this year due to coronavirus

Cruises Are Coming Back. Here’s What They’ll Look LikeCruises Are Coming Back. Here’s What They’ll Look Like

ECB signals June stimulus ruling out swift recoveryECB signals June stimulus ruling out swift recovery

Trade union wants more negotiation over 'premature' Aer Lingus job cuts planTrade union wants more negotiation over 'premature' Aer Lingus job cuts plan


Lifestyle

Esther N McCarthy finds funky fabric and Bantry baskets as well as exploring virtual galleries. Wish List: In pursuit of funky fabric and Bantry baskets

Pubs have been closed across this island for over two months. Can you imagine if they were closed for 14 years? To mark the centenary of the introduction of Prohibition in the US, Robert O'Shea selects examples of its cultural legacyWhat did Prohibition ever do for us?

Des O'Driscoll looks at some of the top picks on the TV today.TV highlights: A new 'make-under' dating show and Kevin McGahern paints celeb protraits

More From The Irish Examiner