While other countries are tightening monetary policy, China's efforts to stimulate its economy this year through monetary and fiscal measures are expected to exceed 5.3 trillion U.S. dollars, and now it's cut its key interest rate by a record amount.
The estimate of China's stimulus is from Bloomberg.
This figure is smaller than the stimulus in 2020, suggesting China could spend more if the economy fails to pick up.
The People's Bank of China today cut a key interest rate for long term loans, which could prop up demand in the property market.
The five-year loan prime rate was lowered from 4.6 percent to 4.4-5 percent, the largest reduction since 2019.
Because of its zero-COVID policies, which it says will continue, China is under pressure to meet its economic growth target of 5.5-percent, and most economists think it's going to miss that target.