China Cuts Interest Rates to Boost Growth

BEIJING -- China slashed a key interest rate for the fourth time in three months on Wednesday in a new move to boost credit as Beijing launches a multibillion-dollar package to bolster slowing economic growth.

The central bank's 1.08 percentage point rate cut is a huge margin by Chinese standards and reflected the government's urgency about trying to persuade companies and consumers to borrow and spend more.

The central bank also cut the amount of money banks must set aside as reserves, expanding the pool available for lending. ...