BLBG: China Cuts Interest Rate for 2nd Time in Three Weeks (Correct)
By [bn:PRSN=1] Li Yanping []
(Corrects to basis from percentage point in third paragraph.)
Oct. 8 (Bloomberg) -- China cut interest rates for the second time in three weeks as the global financial crisis threatened to undermine the world's fourth-largest economy.
The key one-year lending rate will fall to 6.93 percent from 7.20 percent, effective tomorrow, the People's Bank of China said on its Web site today.
China also cut the proportion of deposits that banks must set aside by 50 basis point effective from Oct. 15, the central bank said.
To contact the reporter on this story: Li Yanping in Beijing at yli16@bloomberg.net
