Chinese shares open up after rate cut

BEIJING - Chinese stocks opened higher Friday, after the central bank's move to cut interest rates for the first time in over three years to buoy a slowing economy.

The benchmark Shanghai Composite Index gained 0.57 percent to open at 2,306.22.

The Shenzhen Component Index opened at 9,839.68, up 0.86 percent.

The People's Bank of China said late Thursday that it would cut the benchmark interest rate for deposits and loans by 25 basis points beginning Friday, the first such move since December 2008.

The cut followed a string of government measures adopted lately to shore up growth in the world's second-largest economy.

China's first-quarter GDP growth hit an almost three-year low of 8.1 percent, and key economic indicators for April all slowed, triggering concerns over a sharp slowdown.