Tokyo | China’s central bank cut a key interest rate on Monday, boosting support for the economy after disappointing growth data and a sweeping new economic strategy that failed to include a wide-ranging stimulus program.

The People’s Bank of China cut the seven-day reverse repo rate, a key short-term policy rate, by 10 basis points to 1.7 per cent. The move prompted Chinese banks to follow suit by lowering their main benchmark lending rates by 10 basis points to try and entice business and other borrowers to take out loans to boost investment.