In a surprise move, China's central bank cut interest rates on Friday in an effort to "re-energize the world's No. 2 economy," The Associated Press reported. The people's republic is among a number of countries trying to "encourage growth in the face of a global slowdown."

"The one-year lending rate was reduced by 0.4 percentage point to 5.6 percent, while the one-year deposit rate was lowered by 0.25 percentage point to 2.75 percent, effective (Nov. 22)," Bloomberg reported.

The People's Bank of China promised to inject credit into the financial system if needed, according to AP. While insisting that the measures were not a change in monetary policy and that economic conditions remained within an "appropriate range," China said it was tackling "financing difficulties" brought on by a shortage of credit.

"The cut -- the first such move in over two years -- came as factory growth has stalled and the property market, long a pillar of growth, has remained weak, dragging on broader activity and curbing demand for everything from furniture to cement and steel," Reuters noted.

Mark Williams, chief Asia economist with the London-based Capital Economics, spoke about the issue.

"It's a surprise, another Friday night special," he said. "It may not have a major impact on (gross domestic product) growth -- that depends on if policymakers also allow the rate of credit growth to pick up."

The reduction is in line with steps taken by the European Central Bank and Bank of Japan, which have also tried to inject fresh stimulus, Bloomberg reported. The U.S. Federal Reserve, on the other hand, recently announced an end to its quantitative easing program.

"Certainly, the divergence between the major economies is going to a major feature of the next few months," Williams said. "It's relatively, and historically, unusual for the major central banks moving in different directions like this."

The rate cut is China's first since July 2012, AP noted. In the Asian giant, however, "changes in interest rates have a limited direct effect on the government-dominated economy. (But they) are seen as a signal to banks to lend more and to state companies that they are allowed to step up borrowing."