China's Central Bank Cuts Key Interest Rates to Boost Economy

China's central bank lowers two key interest rates to stimulate growth in the world's second-largest economy.

The one-year lending rate is lowered from 3.0 percent to 3.0 percent, in line with analysts' expectations, according to Bloomberg. The five-year rate, a benchmark for, among other things, mortgages, was lowered from 3.6 to 3.5 percent – also in line with analysts' expectations.

Several of China's largest banks lowered their deposit rates in connection with the announcement.