The People's Bank of China has lowered its one-year and five-year loan prime rates to historic lows to jumpstart the struggling economy.

This decision was made in response to weaker-than-expected second-quarter economic data, including a housing crisis, weak consumption, and high youth unemployment.

The central bank also cut a short-term policy rate, prompting Chinese banks to reduce their benchmark lending rates for mortgages and other loans.

Despite these measures, analysts believe further policy actions may be necessary to address larger issues in the property sector.

China's GDP grew by a weaker-than-expected 4.7% year-over-year in the second quarter.

Market reactions were mixed, with some positive movement in Hong Kong's Hang Seng index, but the effectiveness of the rate cuts remains uncertain.