China cuts 1 and 5 year loan prime rates by 10 basis points each

The People's Bank of China has cut one- and five-year loan primce rates.

The one-year rate has been cut to 3.35%

• prior 3.45%

The five-year rate has been cut to 3.85%

• prior 3.95%

Earlier:

• PBoC announces cut to 7-day reverse repo rate to 1.70% from 1.80%

• PBOC to lower collateral for Medium-term Lending Facility (MLF) loans