China has cut interest rates for a sixth time in a year to spur slowing growth in the world's second-largest economy.

The head of the International Monetary Fund on called today for urgent action to tackle Europe's debt problems and an approaching fiscal crisis in the US, warning that ripple effects from the global slowdown are being felt around the world.

China has opened the door to international banking giants Citibank and HSBC to enter the country's fast-growing credit card business.