Asian stocks fell as China’s latest rate cut failed to restore confidence in the weakening economy, and investors awaited another stimulus package from Beijing. China has lowered its one-year loan prime rate by ten basis points to 3.5% and the five-year LPR cut by the same margin to 4.2%. This is the first time Beijing has cut two key benchmark lending rates in ten months, as China tries to shore up the slowing recovery in the second-largest economy in the world. However, some analysts believe that a 15 basis-point cut would have been a more appropriate move to boost the property sector.
