China cuts interest rates for third time since November

Analysts fear Bank of China has been too slow in reacting to the cooling down of economic growth to 7%

China's central bank cut its benchmark interest rate on Sunday for the third time since November, as economic growth cooled to levels not seen since the global financial crisis.

The People's Bank of China lowered its benchmark lending rate by 25 basis points to 5.1%, and its one-year benchmark deposit rates by the same amount to 2.25%, adding that the cuts would be effective from 11 May. The central bank said that the move would support the healthy development of the economy.

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