The People's Bank of China (PBoC) announced on Friday that it lowered the one-year benchmark bank lending rate by 25 basis points to 4.35%. It was the sixth interest rate cut since last November.

The central bank hopes with this decision to support the country's economy.

The interest rate cut would be effective from October 24.

One-year benchmark deposit rates were cut by 25 basis point to 1.50%, reserve requirements (RRR) were lowered by 50 basis points to 17.5% for all banks.

New reserve requirements would be effective on October 24.