The People’s Bank of China has announced it slashed its one-year borrowing rate and one-year deposit rate by a quarter of a percentage point each.

The cut will bring the borrowing rate to six-point-31 percent and the deposit rate to three-and-a-quarter percent.

The central bank’s move to lower the interest rates comes after three-and-a-half years.

The bank apparently made the move to focus on boosting the economy for the time being amid signs of economic slowdown stemming from Europe’s prolonged financial crisis.

China’s manufacturing sector saw its lowest performance in six months in May while growth in consumption fell to 14 percent.

However, growth in consumer prices stood at three-point-four percent or lower than the target of four percent, enabling China to lower key interest rates while lessening inflation burdens.