China’s central bank on Friday announced a surprise cut to interest rates, in the clearest sign yet that policy makers are growing increasingly concerned the country’s economic slowdown.Despite numerous signs that growth has been flagging, China’s leadership for months has refrained from any broad-based economic stimulus measures as policy makers tried to push through a package of ambitious financial overhauls. Instead, they opted for piecemeal efforts like injecting money into big banks.

via China, in Surprise Move to Prop Up Economy, Cuts Interest Rates – NYTimes.com.