China's central bank cut its lending and deposit rate by 108 bp to 5.58%. This is the fourth time in ten weeks also the largest move for the central bank since 1997, which highlighting the deteriorating conditions for the Chinese economy. Meanwhile, the Deposit rate will drop to 2.52% from 3.60%, effective tomorrow. In addition, the central bank cut the required bank reserves rate by 100 bp for large banks and 200 bp for smaller banks and stated that the cuts were aimed to ensure enough liquidity in the banking system.