China central bank cuts key interest rate to boost economy

China’s central bank on Thursday cut a key interest rate and injected $33 billion into financial markets in a bid to boost flagging growth in the world’s second-largest economy. The medium-term lending facility (MLF) rate, the interest for one-year loans to financial institutions, was lowered 10 basis points to 2.65 percent, the People’s Bank of China said in a statement.