China's central bank cuts interest rates as world's No. 2 economy slows

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China's central bank cut interest rates Friday amid a slowdown in the world's No. 2 economy.

It said in a statement it had cut the rate on one-year loans to financial institutions by 0.4 percentage point to 5.6 percent.

The bank also lowered the one year interest rate paid on savings.

China's economic growth slowed to a five-year low of 7.3 percent last quarter.

Recent data such as house prices and manufacturing suggest the economy has continued to slow.