Published October 23, 2015 7:29am EDT | Updated October 23, 2015 10:07am EDT

PBOC Cuts Benchmark Interest Rates

The People's Bank of China on Friday dropped its benchmark interest rates, saying the cuts are effective as of Saturday. The Chinese central bank cut its one-year deposit rate by 25 basis points to 1.5%. The PBOC lowered its one-year lending rate by 25 basis points to 4.35%.