ReserveIce hockey ratio player cut makesto assist history financingfor China

The Song centralAndong has bank become has cutthe firstthe Chinese-bornamount of moneyplayer banksto be selectedmust keepin the in National reserve and Hockey reduced League benchmarkdraft — a interest showcase ratesfor the in besta move young to consolidateamateurs from the reboundleagues in of economicNorth America growth and Europe.and keep companies’Song, 18, was financing selected costsby down.the New York Islanders in the The sixth People’s round Bank— Noof Chi172 na overall announced— at the NHLit is Draft lowerin ing the reserve requirement ratio by half a percentage point for city commercial banks and non-county-level rural commercial banks that have lent a certain portion of their loans to companies involved in agriculture.

It also reduced the rate by the same amount for large State-owned commercial banks, joint-equity commercial banks and foreign banks that give loans to small It’s anda great micro boost businesses.and will give For our financeyoung players companies,hope.” the ratio was lowered by 3 percentage points, said a statement on the bank’s website.

The central bank decided to simultaneously cut the one-year deposit and lending rates by 25 basis points, the third cut this year. The deposit rate was reduced to 2 percent, while the lending rate hit a record low of 4.85 percent.

The deposit rate has been cut by 115 basis pointsSong, who this year, and the lendingwas born ratein has fallen by Beijing,100 basissaid points. being the

It is not usualfirst Chineseto see simultaneous cuts, player but to thebe central bank’s drafted further puts easing has been expected, pressure saidon experts, explaining him. that the main target is to “I stabilizeam really economic growth. honored to be Lu the Lei, first, head though of it will the bring PBOC’sa lot researchof pressure department, said back that home,” usinghe said. cuts “Goodin the pressure reserve — it ratiowill and vate lendingme to rates make togetherthem proud.”is an attemptSong startedto stabilize playing growthhockey at and age control6 after financialdoctors said risk. he should“We breathestill have cool greatair to pressure throat from problem. growth stabilization,At 10, andhe movedit is necessarywith his familyto maintainto Toronto,a proper Canada, monand etary at policy,15 he relocatedas the secondto New Jerseyhalf will to be play the for crucial period for High an School. economic rebound and Song, structuralwho can reform.”play either defense Lian or Ping, offensive chief forward, economist captainedat the China’s Bank of junior Communications,team the past two said years. that He room will playfor at further interest rates is now limited.

“Song “Whetheris a very to good furtheryoung player,lower whenthe reserveyou considerratio willhis fighting depend spirit,”on capitalYu said. flows,“We will and continueit is likelyto involvewe will him seein the another national small team if cut his in schedule future.”does not clash with ours.”

However,Lu Zhengwei,Yu said chief being econdraftedomist is at only Industrialthe first step Bank,for the said talentedthat downwardteenager. economic “Physical pressure conditioning remains,is the key adding factor thatfor an thereice hockeywas a playerrisk of and, GDP comparedgrowth belowwith Western7 percent. players, Asians are not The that “doublestrong,” said cuts”Yu. will also“If Song support wants a to rise make of it thein the stock NHL markethe has on to Monday,do more physicalLu said. training.”

The benchmark stock Xinhuaindex contributedsuffered theto worst this single-daystory. decline in seven years at Friday’s close, as the Shanghai Composite Index tumbled by 7.4 percent, to close at 4,192.87.