China cuts key short-term money rate as Beijing pushes down cash costs

SHANGHAI: China's central bank lowered the yield for a key short-term money rate on Tuesday, the fourth time it has done so this year, as regulators step up efforts to reduce funding pressure for Chinese companies.

The reduction, announced on its website (www.pbc.gov.cn), follows a surprise cut to benchmark lending rates on Friday to support the cooling economy, which has stimulated stock markets in China and abroad, depressed domestic bond yields and put downward pressure on the yuan currency.