China’s central bank cuts rates for 6th time

BEIJING – China’s central bank cut interest rates for the sixth time since November on Friday in another attempt to jumpstart a slowing economy.

The People’s Bank of China (PBOC) said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35%, effective from October 24.

The one-year benchmark deposit rate was also lowered by 25 basis points to 1.50%.

China has pursued its most aggressive policy easing cycle this year since the 2008/09 global financial crisis, as policymakers seek to invigorate an economy beset by weak demand and excessive industrial capacity.