China central bank cuts interest rate by 25 basis points

China's central bank said Sunday it would cut its interest rates by 25 basis points as authorities seek to boost the flagging economy following a raft of data indicating a slowdown. The benchmark one-year lending rate would be reduced to 5.1 percent and the deposit rate to 2.25 percent from Monday, the People's Bank of China (PBoC) said on its website. The PBoC had already cut interest rates twice since November and this year has twice reduced the amount of cash banks must keep in rese