At 4:00 am on November 26, 2008, the central bank announced a major favorable news. Starting from November 27, 2008, the one-year RMB deposit and loan benchmark interest rates for financial institutions will be cut by 1.08 percentage points each, and the deposit and loan benchmark interest rates for other terms will be adjusted accordingly. At the same time, the central bank's relending, rediscounting and other interest rates will also be reduced. This rate cut is the largest reduction in deposit and loan interest rates since October 1997, and the third large-scale rate cut since 1990.