China cuts rates for 3rd time in 6 months to boost economy
World BusinessMay 10, 2015
BEIJING (AP) -- China cut interest rates Sunday for the third time in six months to boost sluggish economic growth and announced that it is giving banks more flexibility in setting rates paid to depositors in a new step to make its financial system more market-oriented.The central bank's rate cut reflects the communist leadership's growing urgency about reversing a deepening slump that threatens to cause a politically dangerous spike in unemployment.Economic growth has fallen to its lowest level