China’s central bank cut benchmark interest rates for the second time in three months as disinflation gives room to step up support for the nation’s slowing economy. The one-year deposit rate will be lowered by 25 basis points to 2.5 percent and the one-year lending rate will also drop by a quarter percentage point to 5.35 percent on March 1, the Beijing-based People’s Bank of China said on its website late Saturday. The move reflects deepening concern over an economy squeezed by a property slump, tighter controls over local government debt and rising capital outflows. By adding rate cuts to a reduction in the cash ... (full story)