China’s Central Bank wants to boost the weak economy with surprise interest rate cuts. On Monday, it reduced the key interest rate, known as the Loan Prime Rate (LPR), which the Central Bank uses to control the cost of consumer loans and mortgages. The one-year loan prime rate (LPR) was lowered to 3.35 percent from 3.45 percent previously, while the five-year LPR was reduced to 3.85 percent from 3.95 percent.