China’s central bank cut its benchmark interest rates on Saturday, Chinese state-run news agency Xinhua reported. It is the fourth round of interest cuts since November.

According to the bank’s announcement, interest rates for one-year lending were cut by 25 basis points (bps) to 4.85 percent. Interest rates for deposits are also lowered by 25 bps to 2 percent. Interest on other types of lending is to be lowered by the same margin, the bank added.

The People’s Bank of China (PBOC) also announced a cut in the reserve requirement ratio (RRR); the amount of liquid assets banks are required to hold as reserves rather than lend out.

This is the third RRR reduction in nearly five months. The move aims to “support the real economy and promote restructuring”, the central bank said, as quoted by Xinhua.

The RRR for commercial banks serving rural areas, agriculture and small businesses was cut by 50 bps, while the RRR for finance companies, or non-bank financial institutions, was lowered by 300 bps, according to Xinhua.

The PBOC added that “China will maintain prudent monetary policy” and will “further push forward the reforms of interest rate liberalisation and the RMB exchange rate formation mechanism”.

China’s economic growth fell to 7 percent in the first quarter; the slowest pace in six years.