 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 percent the one-year rate reduced to 3.35 percent the people's bank of china also reduced collateral requirements for its medium-term lending facility for banks it said it was intended to ease pressure on the bond market the world's second largest economy has struggled to regain momentum since the covid 19 pandemic