Iron ore and base metals rose after Chinese banks cut their benchmark lending rates, part of a push by Beijing to ensure Asia’s biggest economy meets growth targets for this year.

Rolling coverage of the latest economic and financial news. Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Banks in China have cut borrowing costs in the latest attempt to stimuluate growth across the Chinese economy.

China cut its benchmark lending rates after the central bank lowered key interest rates at the end of September as part of a series of measures aimed at reviving economic growth and halting a housing market crash.

China’s commercial lenders cut their benchmark lending rates in a highly anticipated move as policymakers intensify efforts to boost the ailing economy.

China cut benchmark lending rates as anticipated at the monthly fixing on Monday, following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy.

China announced on Monday it had slashed a key reference rate for mortgage loans by a quarter of a percentage point, as the country stepped up efforts to stabilise the property market. The benchmark five-year loan prime rate (LPR) was lowered from 3.

Analysis of recent rate cuts by the PBOC in China to boost the economy, including reductions in one-year LPR and five-year LPR.