China central bank cuts interest rates to spur gro - China's central bank slashes the lending and deposit rates by 1.08 percentage points as of Thursday in the latest strong effort to stimulate economy. The People's bank of China said on Wednesday it will cut the benchmark one-year yuan lending rate to 5.58 percent from 6.66 percent and the one-year yuan deposit rate to 2.52 percent from 3.30percent.