China's Central Bank Cuts Interest Rates In Growth Move

The Chinese central bank has cut its benchmark interest rates for the second time in two months, in a bid to arrest slowing economic growth.

Benchmark lending rates will be cut from 6.31% to 6%, while deposit rates will fall from 3.25% to 3%.

The rate cuts will come into force on Friday and closely follow on from the last cuts made on 7 June.

Before these moves, the People's Bank of China had not cut interest rates since 2008.

Commenting on the move, Rupert Armitage, director at Shore Capital, said: "China are cutting rates because they're experiencing a slowdown.