The People’s Bank of China on Wednesday cut interest rates for the third time in six weeks, saying the benchmark rate for one-year loans by commercial banks would fall by 27 basis points to 6.66 per cent.

The PBOC gave no reason for its rate cut. However, the central bank’s last rate cut earlier this month coincided with announcements of looser monetary policy by western counterparts, suggesting that Beijing is seeking to support international efforts to counter the effects of the global financial crisis.