China cuts interest rates to ease deflation worries
中国降低利率缓解通货紧缩忧虑

China's central bank on Saturday decided to cut benchmark interest rates by 25 basis points amid deflation worries.

Since March 1, the one-year loan interest rate will be lowered to 5.35 percent, while the one-year saving rate will drop to 2.5 percent. The central bank also decided to allow more flexibility for the interest rates.

The ceiling for the floating range for the saving rate could be 1.3 times the bench mark rate, instead of the previous 1.2 times.