Faced with a slowing economy, China's central bank has cut its benchmark rate for deposits and loans by 0.25 of a percentage point. It's the sixth time the bank has sliced rates since last November. It also dropped banks' reserve requirement ratio by half a percentage point.

"The expanded monetary easing underscores the government's determination to meet its 2015 growth target of about 7 percent in the face of deflationary pressures, overcapacity and tepid global demand," Bloomberg News reports.

When it takes effect Saturday, the move will set China's one-year lending rate at 4.35 percent. The rate for one-year deposits will fall to 1.5 percent.

After China eased the rate, stocks and commodities perked up in Europe, according to the Financial Times.

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