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The People's Bank of China slashed key lending rates to new record lows at the July fixing to help a fragile economic recovery. The one-year loan prime rate (LPR), the benchmark for most corporate and household loans, was cut by 10bps to 3.35%. The five-year rate, a reference for property mortgages, was also trimmed by the same margin to 3.85%. In early Monday, China's short-term interest rate, the seven-day reverse repo rate, was reduced to 1.7% from 1.8%, the first such cut in nearly a year, amid efforts to optimize open market operations and increase financial support. Bloomberg News said the seven-day rate could be the future benchmark policy rate as the PBoC recently signaled a shift toward the short-term rate to guide markets. This will reduce the importance of the existing 1-year benchmark, the medium-term lending facility rate. All of China's rate moves today followed last week's Third Plenum gathering, and weak Q2 GDP readings and mixed activity data in June.