China's central bank has cut interest rates for the third time in six months as it tries to shore up its slowing economy in the face of low inflation and a cooling property market.
The People's Bank of China cut the one-year lending rate by 25 basis points to 5.1%, cutting the one-year deposit rate by the same amount, to 2.25%.
The cut is the third in six months, and follows other measures designed to spur growth in China, including tax cuts.
The bank said in a statement: "China's economy is still facing relatively big downward pressure.
"At the same time, the overall level of domestic prices remains low, and real interest rates [interest rates relative to inflation] are still higher than the historical average."
China posted its weakest growth figures in 24 years last year, the economy recording 7.4% growth, down from 7.7% the previous year.
Meanwhile, inflation remained subdued and exports and imports both fell during April.
China's slowdown is expected to continue for some time: the International Monetary Fund (IMF) predicts China's GDP growth will fall to 6.3% in 2016.
Asian shares were buoyant following the announcement, with the Shanghai Composite more than 3% higher to 4,333, while the Hang Seng was 0.65% higher at 27,757.
