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MUMBAI: Reliance Retail Ventures announced on Thursday that it will

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China eases monetary policy, slashes key rates as Donald Trump’s tariffs hit growth

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China eases monetary policy, slashes key rates as Donald Trump’s tariffs hit growth
A man with an umbrella passes by China’s central bank also known as People’s Bank of China, in Beijing. (Picture credit: AP)

China’s central bank rolled out major monetary easing measures on Wednesday, slashing a key interest rate and lowering the reserve requirement for banks as the economy reels under the pressure of renewed US tariffs and domestic weakness.The People’s Bank of China (PBOC) announced a 0.25 percentage point cut to its lending rate for commercial banks, bringing it down to 1.5%, according to news agency

AP

. The central bank also reduced the reserve requirement ratio (RRR), the amount of money banks must hold in reserve, by 0.5 percentage points in a bid to spur more lending.The move marks one of the most significant policy interventions by Beijing since September 2024, and comes as US President Donald Trump’s sweeping tariffs, as high as 145% on many Chinese imports, begin to weigh heavily on China’s export-driven economy,

AFP

reported.Pan Gongsheng, governor of the PBOC, confirmed the rate cuts at a news conference, saying the central bank would also lower its seven-day reverse repurchase rate to 1.4% from 1.5%. The lending rate for first-time homebuyers taking out loans over five years will be reduced from 2.85% to 2.6% in an effort to revive demand in the struggling property sector.Pan said the changes are part of broader efforts to “support technological innovation, boost consumption, and promote inclusive finance.”China is grappling with multiple economic challenges. Domestic consumption remains weak post-Covid, the once-booming real estate sector is still in crisis, and a global slowdown has further dampened demand for Chinese goods. Beijing has also retaliated to Washington’s tariff hike with 125% duties on US imports.Last month, China’s manufacturing output slumped, a downturn the government blamed on a “sharp shift” in global economic trends, while exports in March saw a sharp 12% surge as companies raced to beat Trump’s latest tariff round.China has set a 2025 GDP growth target of around 5%, the same as last year — a goal economists view as ambitious amid growing risks of a global slowdown and rising trade friction.While Beijing introduced several stimulus efforts last year, including interest rate cuts, eased homebuying restrictions, and debt limit hikes for local governments, analysts believe the growing impact of trade disruption may push Chinese authorities to unveil more aggressive economic support in the months ahead.





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