China has cut benchmark interest rates for the first time since July 2012 in an effort to prop up growth as the economy continues to slow.

Effective from Saturday, the one-year benchmark lending rate will be lowered by 40 basis points to 5.6 percent and the one-year benchmark deposit rate by 25 basis points to 2.75 percent, the People's Bank of China said on Friday.

The adjustment comes after figures showed that manufacturing activity in the country is nearing contraction.

According to the FTA, Australia will impose no tariff for all goods from China and this is definitely good news for China's manufacturing industry.

OPPO Electronics Co, a Chinese smart phone producer, has released the Find 7 series featuring high-quality image-capture functions and rapid charging features.[Photo/oppo.com]