The People’s Bank of China (PBoC) announced on Tuesday that it has reduced two of its key interest rates to historic lows in a move aimed at boosting economic growth amid ongoing trade tensions with the United States.

In an official statement, the central bank said it lowered the one-year loan prime rate (LPR)—a benchmark for bank lending to businesses and consumers—from 3.1% to 3.0%.

Additionally, the five-year LPR, which serves as the benchmark for mortgage lending, was cut from 3.6% to 3.5%.

This marks the latest in a series of rate cuts, following similar measures implemented in October last year, as Beijing steps up efforts to support its slowing economy.

The decision comes on the heels of last week’s temporary trade truce between China and the United States, in which both sides agreed to reduce mutual tariffs for 90 days. The development has raised hopes of easing the prolonged trade dispute between the world’s two largest economies.