China sets 1-year loan prime rate at 3.70% vs 3.70% a month earlier.

Sets 5-year loan prime rate at 4.45% vs 4.60% a month earlier.

Lowers 5-year lpr by 15 basis points.

This follows a further cut in mortgage loan interest rates for some home buyers, in another push to prop up its property market and revive a flagging engine of the world's second-largest economy.

Additionally, to free up more funds for lending, the central bank last month reduced the amount of cash that lenders must set aside as reserves. More modest easing measures are expected as authorities vow to roll out more policies to support the broader economy.

There has been a slight bid in the Aussie around the announcements, but it still trails the dollar by some 0.2% on the day so far at 0.7030.