China cuts 1-year benchmark rate and doubles subsidies for EVs in its 'cash for clunkers' program

China has ratcheted up its efforts to spur slowing growth by cutting a key policy rate and doubling subsidies for electric vehicles bought to replace older cars. The moves Thursday coincided with a downturn in world stocks that extended losses in Chinese markets that have swooned this year while share prices soared in many other countries. The central bank cut the lending rate for one-year medium term policy loans by 20 basis points to 2.3%, as meanwhile major state-run banks cut their deposit rates. Separately, China's planning agency said it would pay a subsidy of about $2,500 for electric vehicles purchased to replace old cars.