The People’s Bank of China cut interest rates for the second time this year.

The People’s Bank of China unexpectedly lowered the interest rate by ten basis points for the second time this year and pulled some cash from the banking system on Monday.

Economists and analysts have said they believe Chinese officials are willing to support the stagnant economy.

In addition, China announced data for July, which came well below expectations. Retail sales were up 2.7 percent in July from a year ago. This figure was well below the 5 percent growth forecast in the surveys and below the 3.1 percent growth in June. Food, furniture, and construction-related categories in retail sales declined. Car sales rose 9.7 percent. Sales in the gold, silver, and jewelry categories increased the most by 22.1 percent. Industrial production increased by 3.8 percent but also fell short of the 4.3 percent growth expectations.