By Jonathan Davies

The Chinese government has cut its one year deposit rate from 3% to 2.75% in an attempt to revive economic growth.

It is the first cut of its kind since 2012 and will come into effect from tomorrow (Saturday). The one year lending rate will also be cut from 6% to 5.6%.

There are growing signs that China's economy is slowing down after years of unprecedented growth. In the last quarter, economic growth slowed to a five-year low. And earlier this week, figures showed that factory output contracted for the first time in six months.

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