Rates cut again to spur growth

The central bank has cut interest rates for a second time in less than three weeks to bolster economic growth in the face of a worsening global financial crisis.

The benchmark one-year lending rate dropped to 6.66 percent from 6.93 percent, while the one-year deposit rate was lowered to 3.60 percent from 3.87 percent.

The revisions will come into effect today, the People's Bank of China said on its website last night.