China’s central bank cuts interest rates in a move to bolster the economy

A general view of a stock market chart (Tim Goode/PA)

China’s central bank has cut both its five-year loan prime rate and its one-year rate, moving to revive its ailing property sector and rev up the slowing economy.

The five-year rate, which is a benchmark for mortgages, was cut by 10 basis points to 3.85% from 3.95%. The one-year rate was reduced to 3.35% from 3.45%.