BEIJING -- China's central bank lowered the interest rates on its standing lending facility (SLF) on Monday.

The overnight rate was cut by 10 basis points to 2.55 percent. The seven-day and one-month rates were each lowered by 10 basis points to 2.7 percent and 3.05 percent, respectively, according to the People's Bank of China.

The SLF, introduced by the central bank early in 2013, serves as a channel to meet the liquidity needs of financial institutions. These institutions can take out SLF loans from the central bank, using qualified bonds and other credit assets as collateral.