China's central bank cut two key interest rates to historic lows as Beijing struggles to boost growth in its huge but slowing economy.

The one-year key lending rate (LPR) - the benchmark for the best rates lenders can offer businesses and households - was cut from 3.1 percent to 3.0 percent.

The five-year LPR, which is the benchmark for mortgage loans, was cut from 3.6% to 3.5%, the People's Bank of China said.

Both rates were last cut in October to record lows, AFP reported.

Last week, China and the United States agreed to cut sweeping tariffs on their goods for 90 days, signaling a truce in the raging trade war between the two economic superpowers.

In addition to heightened trade tensions, Beijing is also grappling with a drop in domestic spending that threatens its official growth target for this year of about 5 percent.

Data showed that retail sales, a key gauge of domestic demand, rose 5.1 percent year-on-year last month. That was less than the 5.8% growth forecast by Bloomberg.

The data also marked a slowdown from March's 5.9% growth. | BGNES