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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: China's central bank cuts interest rates AFP - Thursday, October 30 BEIJING (AFP) - - China's central bank on Wednesday cut key interest rates in a bid to spur economic growth, the third such move in six weeks. The People's Bank of China decided to cut the benchmark one-year deposit rate by 27 basis points to 3.60 percent, it said in a statement on its website. The one-year lending rate was also reduced by 27 basis points to 6.66 percent, the bank said. Stock markets soared in Asia and Europe on Wednesday ahead of an expected rate cut in the United States and as hopes rose of a similar move in Japan. When China last cut interest rates early this month, speculation was ripe that the decision was made in coordination with other central banks, which also slashed rates at the same time. This is the third time in just over six weeks that China has cut interest rates. It first reduced its benchmark one-year lending rate to 7.20 percent in September, the first such cut since 2002 in a strong indication that it was concerned about the need to spur growth. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy T-bill demand rises, interbank lending rates slipAP - Thursday, October 30 Starbucks joins with Project RED drinks promotionAP - Thursday, October 30 Global stock markets mainly higher on credit easingAFP - Thursday, October 30 Hundreds in Spain protest Nissan job cutsAFP - Thursday, October 30 Related Articles: Business Dollar loses ground and pumps up oil pricesAP - 1 hour 37 minutes ago T-bill demand rises, interbank lending rates slipAP - Thursday, October 30 World stocks mostly higher as Fed cuts rateAP - Thursday, October 30 Qwest 3Q profit down; will cut 1,200 jobsAP - Thursday, October 30 Wyeth latest drugmaker to narrow focus of researchAP - Thursday, October 30 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Obama set for prime-time appeal to voters Desperate pleas end in despair as starlet's nephew found dead Australian central bank intervenes as dollar falls again View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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