China cuts key interest rate in latest move to boost its ailing property sector

China's central bank has announced it cut its five-year loan prime rate while leaving its one-year rate unchanged. It was the first time the five-year rate was cut since May. The five year rate was lowered by 0.25 basis points to 3.95% while the one-year rate remains at 3.45%. There was scant immediate reaction in markets to the decision, with the Shanghai Composite index remaining nearly unchanged by midday Tuesday. The one-year rate is the benchmark for most personal and corporate loans. As markets reopened after a weeklong Lunar New Year holiday break, state-owned banks announced a flurry of plans for billions of dollars worth of loans to support developers struggling after a crackdown on excessive borrowing.