FXStreet (Mumbai) - The People’s Bank of China (PBOC) cut its benchmark interest rate and lending rate by 25 basis points, a day after ECB’s Draghi hinted at more easing in December. PBOC reduced 1-Year Lending Rate By 25 Bps to 4.35% effective as of Oct 24 and 1-Year Deposit Rate by 25 Bps, to 1.50%. The PBOC said it intends to improve regulation of Int. Rates, improve the monetary policy transmission mechanism. As said earlier, the move comes a day after Draghi expressed the possibility of more QE/rate cut in December. It remains to be seen how long the Fed and the BOE stand on the other side of the fresh race to loosen the monetary policy. For more information, read our latest forex news.