China's central bank announced interest cut on Saturday for the second time in less than four months, as the country's economy is expected to slow down and grow 7 percent in the first quarter of this year according to a government think tank.

The State Information Center said in a report that the move is meant to shore up the economy and stave off deflation risks.

Interest rate adjustment is often seen as one of the most direct and immediate ways to maintain healthy economic development for monetary policy makers.

Here are the past interest rate adjustments over the years between 2008 and 2015.

Feb 28, 2015

A cut to benchmark interest rate by 25 basis points, lowering one-year benchmark loan rate to 5.35 and saving rate to 2.5 percent.

A clerk counts yuan bills at a bank in Huaibei, East China's Anhui province. [Photo/IC]

Nov 21, 2014

A cut to one-year benchmark lending rate by 40bps to 5.6 percent, cut to benchmark savings rate by 0.25bps to 2.75 percent.

An investor smiles in front of a screen displaying stock indices and prices of shares at a securities brokerage in Fuyang, East China's Anhui province, Nov 24, 2014. [Photo/IC]