BEIJING (AP)  China cut key interest rates for the third time in six weeks on Wednesday in a bid to spur growth amid fears of a global recession that would hit its vital exports.

China trimmed the rate on a one-year loan by 0.27 percentage points to 6.66 percent, adding to official efforts to revive slowing economic growth and help struggling exporters.

The country’s central bank also said in a statement that it had lowered the rate on one-year fixed deposits to 3.60 percent, from 3.87 percent. Both cuts will be effective on Thursday.

The cuts come as the Federal Reserve and European central banks scramble to cut rates to shore up investor confidence.