One-year deposit rates are being slashed to 2.25 percent.
The one-year lending rate is being set at 5.1-percent.
It is the third rate cut by the central bank since November.
At the same time, the PBOC is also increasing the upper limit of the floating band for deposit rates to 1.5 times the benchmark.
This is up from 1.3 times the benchmark rate.
For more on the move, we're joined on the line by Mike Bastin, director of China Business Center based in London. | 
