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China Cuts Benchmark Interest Rate
China's central bank has lowered its key lending rate by one-quarter point to 6.31% in a bid to boost the country's slumping economy.
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China's central bank has lowered its key lending rate by one-quarter point to 6.31% in a bid to boost the country's slumping economy. It was the first rate cut by the People's Bank of China since late 2008.
The Chinese government aims to reduce borrowing costs to spur investment, according to economists. They say the bank's action shows that Beijing is worried that the impact of Europe's deepening crisis could further slow China's economy.
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