China’s commercial lenders cut their benchmark lending rates in a highly anticipated move as policymakers intensify efforts to boost the ailing economy.

China cut benchmark lending rates as anticipated at the monthly fixing on Monday, following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy.

The move was not unexpected. China's central bank governor indicated last week that the loan market benchmark rate would be lowered by 20 to 25 basis points.