BEIJING, JULY 5 (AP/UNB) - China has cut its benchmark lending rate for the second time within a month in an attempt to stimulate the rapidly slowing economy.

The Chinese central bank said Thursday the interest rate on a one-year loan will be reduced by 0.31 percentage points to 6 percent effective Friday.

The rate cut adds to a string of measures in recent weeks to boost slowing economic growth.

Beijing has promised extra spending on public works and has approved a multibillion-dollar series of corporate investments to pump money into the economy.