China cuts interest rates to boost economy

China's central bank cut its benchmark lending rates by 25 basis points to 5.1 percent on Sunday, the third reduction since November, as it seeks to lower borrowing costs and support the slowing economy. The People's Bank of China (PBOC) also reduced one-year benchmark deposit rates by 25 basis points, it said in a statement on its website, adding that the reductions would be effective on May 11.