China cuts key rates, stepping up stimulus effort to underpin economy

China stepped up its monetary easing efforts to prop up a slowing economy this week by lowering a set of key policy rates and lending benchmarks, and markets believe Beijing could ease further before growth bottoms out.

With the property downturn seen persisting into 2022 and fast-spreading Omicron variant dampening consumer activity, many analysts expect more easing measures will be necessary, despite other major economies, including the United States, appearing set to tighten their monetary policies this year.
 

The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.70% from 3.80%. And the five-year LPR was reduced