CHINA SLASHES RATES

The People's Bank of China, one of the world's most secretive central banks, just slashed interest rates.

The one-year deposit rate just got cut 0.25 points to 2.75%

And the refinancing rate was slashed 0.40 points to 3.60%.

That's according to the Financial Times.

This is all in the face of a slowing economy. China's once-famous growth rates have dropped, and the government is now pursuing a 7.5% annual rise in GDP. Some economists think even that rate is too high.

China's house prices are also dropping in the vast majority of the country, which is likely to throw some cold water over the economy. Interest rate cuts could go at least some of the way to counteracting that, or at least reducing the slump.