Starbucks Corp. (NASDAQ:SBUX) will reportedly cut prices on select iced beverages in China by an average of 5 yuan (approximately 70 cents), the company announced on Monday. The move comes amid rising competition and more cautious consumer behavior in the world’s second-largest economy.

Starbucks Corp. on Monday announced price cuts for a slew of its tea-based beverages at its stores across China, as the American coffee chain takes a more aggressive approach to revive sales at its second-biggest market.

Coffee wars heat up in China as Starbucks slashes prices - The move comes as competition intensifies and consumers become more cautious about spending