China cut the nation’s benchmark interest rates for the second time in three months in the latest attempt to fight a slowdown in economic growth.

The People’s Bank of China announced on Saturday the one-year bank lending and deposit rates would drop by 25 basis points to 5.35 percent and 2.5 percent respectively starting from March 1.

“The consumer price level is at a historic low, leaving room for further adjustment on the interest rates,” the Chinese central bank said. “The rate cut is to consolidate the positive results of the falling financing costs [from recent moves].”

The central bank cut interest rates by 40 basis points in November for the first time since 2012, followed by a cut of 50 basis points in the reserve requirement ratio in January. The ratio refers to the share of deposits each lender is required to hold as cash reserves.

The latest move by the central bank came before an annual government meeting convened this week in Beijing, which will disclose the official target for economic growth for this year.

China’s economy expanded at the slowest pace in 24 years at 7.4 percent last year, missing the official target of 7.5 percent.