China's central bank cuts interest rates, moving to put more pep into the economy

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%. The People’s Bank of China also reduced collateral requirements for its medium-term lending facility for banks. It said that was intended to ease pressure on the bond market.