Chinese Banks Slash Key Interest Rate In Bid To Bolster Stalling Economy

China’s banks have slashed a key interest rate in a token gesture to revive the world’s second-largest economy. The country’s central bank said yesterday the one-year loan prime rate offered by banks was cut to 3.65 percent from 3.7 percent, while the five-year rate dropped to 4.3 percent from 4.45 percent. The figures are compiled by the central bank analyzing rates set by some of China’s largest banks. The move comes after China’s central bank unexpectedly slashed its key interest rate 10 basis points to support…