China cuts its benchmark lending rates for the first time since October, following Beijing’s sweeping monetary easing measures
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China’s and Australia’s central banks have both cut interest rates to stimulate their economies and cushion the impact of US trade tariffs.
The central bank is likely to switch to a wait-and-see approach in coming months unless external geopolitical risks deteriorate enough to extinguish hopes that the economy can stabilise.
Inflation is in the target band and upside risks appear to have diminished as international developments are expected to weigh on the economy.
The board assesses that this move will make monetary policy somewhat less restrictive. It nevertheless remains cautious about the outlook.
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