The local sharemarket retreated on Monday, tracking a sombre mood across Asia after China’s central bank disappointed investors with a smaller rate cut than hoped to support a deteriorating economy. The People’s Bank of China trimmed its one-year lending rate by 10 basis points and left its five-year rate unmoved, a surprise to analysts who had expected cuts of 15 basis points to both. The meagre reduction sent equities across the Asia Pacific lower and weighed on the benchmark S & P/ASX 200 Index, which closed down 32.6 points, or 0.5 per cent, to 7115.5. The All Ordinaries slipped 0.4…