BEIJING, Feb. 28 -- The People's Bank of China on Saturday announced that it will cut the benchmark deposit and loan interest rates by 25 basis points (bps) starting March 1.

After the cut, the one-year deposit rate will stand at 2.5 percent, while one-year lending will be at 5.35 percent.

China cut interest rates last November and lowered the reserve requirement ratio (RRR) in early February to ease financing pressure on enterprises.

The intention is to lower social financing costs and provide a modest monetary environment to facilitate economic restructuring.

The move is in line with China's prudent monetary policy, the central bank said in a separate statement after the interest rate announcement.