Bangkok
China's central bank has cut both its five-year key lending rate and one-year rate, in a move aimed at reviving its property sector and boosting its slowing economy.
The five-year rate was cut by 10 basis points to 3.85 percent from 3.95 percent. The one-year rate was reduced to 3.35 percent from 3.45 percent.
The People's Bank of China has also eased the collateral requirements for its medium-term lending facility for banks.
The bank said its aim is to reduce pressure on the bond market.
The world's second-largest economy has been struggling to regain momentum since the Covid-19 pandemic struck, with a slowdown in the property market being a major hindrance.
Economic growth fell to 4.7 percent in the last quarter, but remained around the government's target for the first half of the year (five percent).
