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China cuts key interest rate for second time within month to stimulate slowing economy

BEIJING, China – China has cut its benchmark lending rate for the second time within a month in an attempt to stimulate the rapidly slowing economy.

The Chinese central bank said Thursday the interest rate on a one-year loan will be reduced by 0.31 percentage points to six per cent effective Friday.

The rate cut adds to a string of measures in recent weeks to boost slowing economic growth.

Beijing has promised extra spending on public works and has approved a multibillion-dollar series of corporate investments to pump money into the economy.