Interest rates cut again to spur growth

The central bank has rolled out the fifth interest rate cut in four months - in its latest attempt to shore up investment and boost the economy.

The People's Bank of China lowered the benchmark one-year lending and deposit rates by 0.27 percentage point to 5.31 percent and 2.25 percent, effective from today, it said in a statement.

The central bank also lowered the reserve requirement ratio for lenders by 0.5 percentage point to 13.5 percent. The reduction in the reserve requirement, which refers to the deposits commercial banks are required to set aside in reserves, will take effect from Thursday. Analysts estimate the move will free up another 300 billion yuan ($43billion) for possible lending.