Asian stocks slide as China cuts rates, Powell testimony looms By Investing.com

by 10 basis points across the board, as widely expected by markets. While the move is expected to unlock more stimulus in the country, it also highlights a slowing economic rebound in China.

The cut was largely priced in by markets, given that the PBOC had already trimmed short and medium-term rates last week. Chinese stocks had risen in the lead-up to the LPR cut, rebounding from six-month lows over the past week. But the economic outlook for China remains bleak, with a slew of major investment banks cutting their growth forecasts for the year. The recent rate cuts were in part spurred by a slew of weak economic readings for April and May.

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