China cuts interest rates for third time in six weeks

China's central bank said Wednesday it is cutting its key one-year interest rates by just over a quarter-percentage point, continuing its recent easing trend as it focuses on slowing economic growth.

The People's Bank of China said on its Web site that it was reducing the benchmark one-year deposit rate by 27 basis points to 3.60% from 3.87%. It also cut the one-year lending rate 27 basis points to 6.66% from 6.93%. A basis point is 1/100th of a percentage point.

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- Posted: 2008-10-29 09:27:41

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