PBOC cuts interest rates to spur economy

China's central bank cut interest rates on Friday - for the sixth time in a year - and reduced the reserve requirement ratio (RRR) for all banks.

The "double cut", as Chinese financial media described the move, came four days after it was announced that GDP growth in the third quarter expanded by 6.9 percent, lower than the government's annual target of 7 percent.

Also on Friday, Premier Li Keqiang told 2,600 officials at the Central Party School that the government still has many policy weapons to maintain steady economic growth.