China cut interest rates unexpectedly on Friday, Nov 21, stepping up efforts to support the world's second-biggest economy as it heads towards its slowest expansion in nearly a quarter of a century, saddled under a mountain of debt.

The unexpected move sent global shares, oil and metal prices higher. The one-year lending rate was reduced by 0.4 percentage point to 5.6%, while the one-year deposit rate was lowered by 0.25% point to 2.75%, the People's Bank of China said.

Beijing's first rate cut in more than two years comes as factory growth stalls and the property market, long a pillar of growth, is weak, dragging on broader activity and curbing demand for everything from furniture to cement and steel.