China’s leading manufacturer of recycled LDPE has backed the decision by the Central Bank of China to cut its benchmark lending and deposit rates by a quarter of one per cent.
The country cut its key interest rates by 25 basis points on 8 June for the first time since 2008.
Guanwei Recycling chief executive Chen Min said: “The decisions by the central bank, which include providing banks the ability to offer discounts to the key lending rate, as well as a recent government decision to speed up certain project approvals, should make it easier for a number of our customers to plan and grow their businesses against the backdrop of what has become the most difficult economic environment in China since 2008.
“While we believe these actions provide good news for Guanwei’s business, it is too soon to quantify. However, we are in regular contact with our customers in more than ten different industries and well positioned to benefit from an improving environment wherever it develops most strongly.”