China cuts interest rates for third time in six months as economy sputters

By Michael Martina and Judy Hua BEIJING (Reuters) - China cut interest rates for the third time in six months on Sunday in a bid to lower companies' borrowing costs and stoke a sputtering economy that is headed for its worst year in a quarter of a century. The People's Bank of China (PBOC) said on its website it was lowering its benchmark, one-year lending rate by 25 basis points to 5.1 percent from May 11. "China's economy is still facing relatively big downward pressure,&qu