On Thursday, China's central bank said it would cut interest rates, the second time in less than a month that the bank has acted to jumpstart a slowing economy. The People's Bank of China brought its one-year lending rate down by 0.31
percentage point to 6%. The bank trimmed one-year benchmark deposit rates by 0.25 percentage point to 3%.
The rate cuts follow a slew of recent disappointing economic data, causing concern about a slowdown in growth.
Economists are especially watchful, since China is now the world's second-largest economy behind the United States.
Readings earlier this week showed that China's manufacturing sector weakened in June. The Chinese government, in its survey of purchasing managers, noted that there was a sharp drop in new export orders as weakness in other parts of the world affected the Chinese economy.
Courtesy - CNN
