China cuts rates again

China’s central bank has announced that it is cutting interest rates for the third time in six months to boost the country’s sluggish economy.

Citing “downward economic pressures,” the People’s Bank of China said it would cut the rate on a one-year loan by commercial banks by 0.25% to 5.10%. The interest rate paid on a one-year deposit was lowered by 0.25% to 2.25%.