China bids to breathe life into ailing economy

The People's Bank of China has cut its key lending and borrowing rates for the fifth time in three months in its quest to shore up faltering growth in the world's fourth largest economy. However, the move met with disappointment from market participants, with leading share prices dipping on Tuesday.

The central bank chopped 27 basis points off its benchmark deposit and lending rates on Monday, leaving them at 2.25% and 5.31% respectively. The cuts follow a 1.08 percentage point lowering in la