China’s commercial lenders cut their benchmark lending rates in a highly anticipated move as policymakers intensify efforts to boost the ailing economy.

Iron ore futures in Asia rose Monday as the latest rate cut in top metals consumer China helped boost sentiment, but gains were limited by doubts over the effects of the move on the steel market. China cut benchmark lending rates in a highly anticipated move,

China cut benchmark lending rates as anticipated at the monthly fixing on Monday, following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy.