People's Bank of China Cuts Interest Rates By 25bps

China's central bank has reduced its benchmark interest rates for the fourth time since November. This time, People's Bank of China cut the rates by 25 basis points (bps). The move came a week after the country's indexes witnessed a brutal sell off in Chinese stocks. The country took a rare easing step today, and cut not only the rates, but also the amount of reserves of banks. The decision was announced in a statement today, confirming that it would take effect tomorrow.