Beijing, China (BBN)-China’s central bank has cut interest rates for the second time this year, amid a continuing economic slowdown.
It lowered its benchmark rate by 25 basis points to 5.1%, saying the move was aimed at boosting development.
Last year’s growth rate – 7.4% down from 7.7% in 2013 – was the weakest in 24 years.
The cut is the third in six months and will take effect from Monday. It follows other measures designed to spur growth in China, including tax cuts.
The lower rate is aimed at cutting borrowing costs for companies and encouraging more lending by banks.
Last week, the International Monetary Fund (IMF) predicted China’s growth would stabilise at about 6% by 2017.