China's central bank cut its benchmark interest rate on Sunday for the third time since November, as economic growth cools to levels not seen since the global financial crisis. The People's Bank of China (PBOC) lowered its benchmark lending rate by 25 basis points (bps) to 5.1 percent, and its one-year benchmark deposit rates by the same amount to 2.25 percent, adding that the reductions would be effective from May 11. The central bank said in a statement on its website that the move would support the healthy development of the economy. Economists had said it was not a matter of if, but when China eased policy again ... (full story)