China cuts two more key lending rates as economy sputters

The People’s Bank of China cut another key policy rate on Tuesday for the first time in 10 months, as the world’s second largest economy shows signs of stalling.

The latest rate cut come on the heels of two previous easing moves last week, as authorities seek to prop up growth.

The Chinese central bank cut the one-year loan prime rate by 10 basis points from 3.65% to 3.55%, and trimmed the five-year loan prime rate by 10 basis points from 4.3% to 4.2% — for the first time since August.