China has cut one of its main benchmark lending rates for the second time this year, in a bid to revive economic growth in the world's second largest economy.

The People's Bank of China trimmed on Monday its one-year loan prime rate (LPR) by 10 basis points from 3.55% to 3.45% and did not change the five-year rate, which stands at 4.20%.

This is a developing story and will be updated.