China cuts again on fears of slump

The People's Bank of China has lowered its key lending rate by 27 basis points to 6.66%.

The central bank's key deposit rate was also cut by the same amount to 3.6%.

The cut is the second this month, following the central bank's decision to loosen in unison with six other monetary authorities on 8 October. The earlier cut was also by 27 basis points and itself came only a fortnight after the previous lowering.

Rates are now at their lowest level since July 2007.

China's economy, the success o