For the second time in under four months China's central bank has cut interest rates. The move comes as China's economic growth continues to falter. The world's second largest economy is struggling with a property market slowdown and an increasing risk of deflation that is driving up borrowing costs for businesses. The People's Bank of China announced the rate cut sooner than analysts had expected. The new measure lowers the benchmark one year loan rate to 5.35% and the one year deposit rate to 2.5%, both down a quarter of a percent. The Central Bank announced that the risk of deflation and slumping commodity prices spurred the move. Last year China's growth slowed to 7.4%, its most sluggish pace in almost twenty five years.