China Adds Stimulus With Third Interest-Rate Cut in 6 Months

China’s central bank cut interest rates for the third time in six months as it ratchets up support for an economy grappling with a debt overhang and property slump.

The People’s Bank of China reduced the one-year lending rate 0.25 percentage point to 5.1 percent and cut the one-year deposit rate by the same amount to 2.25 percent, effective Monday. In another step to free up interest rates, the central bank will also raise the limit on what banks can pay savers.