China cuts interest rates to aid growth

  • China has cut its key interest rates for the first time since 2008 in a bid to boost slowing growth.

    The benchmark one-year loan rate was cut by 0.25 percent to 6.31 percent while deposit rates were cut from 3.5 percent to 3.25 percent.

    China has also postponed the implementation of more stringent bank capital rules amid worries that they may hurt lending.

    The rules have been delayed until January and will increase the minimum cushion of capital a bank must keep to absorb losses on their loans.