The People's Bank of China (PBOC) cut the seven-day repo rate to 1.5% from 1.7% on Friday. Additionally, the Chinese central bank announced to cut the amount of the reserve requirement ratio (RRR), the required minimum capital banks must hold in reserve, by 50 basis points (bps).

China's central bank said on Friday it was lowering the borrowing cost of its seven-day reverse repurchase agreements, as part of the biggest stimulus package since the pandemic unveiled by Beijing this week to support the economy.

China on Friday opened up over a hundred billion dollars in cash for its ailing economy, capping a week in which its leadership embark on one of their biggest drives in years to kickstart growth.

The governor of the People's Bank of China stated that the central bank will lower the reserve requirement ratio (RRR) by 0.5 %