China Cuts Interest Rates

China’s central bank announced a rate cut Thursday that will trim a quarter of a percent off its rate for deposits and loans. The move is intended to shock China’s slowing economy back into hyperdrive as the typically booming Chinese market suffers the effects of the European debt crisis. Demand for China’s exports has fallen in European nations, collectively China’s largest buyer. China’s growth has slowed dramatically, leading its central bank to move in May to reduce the amount of capital banks were required to hold in reserve.