This Sept 28, 2018 photo shows the headquarters of the People's Bank of China (PBOC), China's central bank, in Beijing. (PHOTO / VCG)

The People's Bank of China, the country' central bank, cut a key policy interest rate benchmark by 10 basis points on Thursday, the first cut since August 2022, in a sign that policymakers are ramping up efforts to support economic recovery.

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The PBOC conducted 237 billion yuan ($33 billion) in medium-term lending facility operations on Thursday at an interest rate of 2.65 percent, down from 2.75 percent a month earlier.