NEWS
10/23/2015 07:56 EDT | Updated 10/23/2016 01:12 EDT

China cuts interest rates for sixth time in a year to spur slowing economy

BEIJING — China has cut interest rates for a sixth time in a year to spur slowing growth in the world's second-largest economy.

The central bank on Friday also increased the amount of money available for lending by reducing the amount banks are required to hold in reserve.

The bank said the benchmark rate on one-year loans will fall by 0.25 percentage points to 4.35 per cent effective Saturday. The benchmark rate for one-year bank deposits will be reduced by the same margin to 1.5 per cent.

Economic growth in the latest quarter declined to a six-year low of 6.9 per cent, according to official data.

The Associated Press