The People's Bank of China (PBOC) revealed in a statement on Thursday it decided to further cut its one-year loan prime rate, in an attempt to ease the impact of the COVID-19 pandemic on the country's economy.

In December, the one-year rate was cut from 3.85% to 3.80%. It now stands at 3.7%, down by another 10 basis points.

The central bank also adjusted its five-year loan prime rate for the first since April 2020, trimming it by 5 basis points to 4.6% at the January fixing.