China Cuts Key Interest Rates to Stimulate Slowing Economy

The central bank's unexpected move aims to revive the property sector and support broader economic growth.

The People's Bank of China reduced the five-year loan prime rate to 3.85% and the one-year rate to 3.35%.
The interest rate on seven-day reverse repos was lowered to 1.7% to inject liquidity into the banking system.
China's latest economic data showed a weaker-than-expected growth rate of 4.7% in the second quarter.
The central bank's actions follow a detailed policy roadmap from the Communist Party to address long-term economic challenges.
Markets reacted mixedly, with technology stocks gaining but property stocks falling.