China's central bank cut key interest rates in a surprise move Monday aimed at injecting new life into its ailing property sector, while the ruling Communist Party released details of a top-level meeting focused on strategies for revving up the slowing economy.

The People's Bank of China cut the five-year loan prime rate, which is a benchmark for mortgages, by 10 basis points to 3.85% from 3.95%. The one-year loan prime rate, or LPR, was reduced to 3.35% from 3.45%.