China Cuts Interest Rates By Quarter Of A Percentage Point

Faced with a slowing economy, China's central bank has cut its benchmark rate for deposits and loans by 0.25 of a percentage point. It's the sixth time the bank has sliced rates since last November. It also dropped banks' reserve requirement ratio by half a percentage point.

"The expanded monetary easing underscores the government's determination to meet its 2015 growth target of about 7 percent in the face of deflationary pressures, overcapacity and tepid global demand," Bloomberg News reports.

When it takes effect Saturday, the move will set China's one-year lending rate at 4.35 percent. The rate for one-year deposits will fall to 1.5 percent.

After China eased the rate, stocks and commodities perked up in Europe, according to the Financial Times.

The most recent move comes two months after China surprised many investors by cutting the value of its currency in an attempt to spur growth by lowering the price of exports.