Major Banks in China Lower Interest Rates

Leading Chinese banks are lowering two key lending rates by 0.25 percentage points following last month's announcement from China's central bank about cuts.

The whole thing is part of the measures China is taking to breathe life into an economy that is stagnating. The idea is that consumers and companies will dare to borrow.

The banks are lowering the one-year rate from 3.35 to 3.10 percent and the five-year rate is being lowered from 3.85 to 3.6 percent.