#BTCPrediction PBOC Unveils Sweeping Rate Cuts

Reuters reported that the People’s Bank of China (PBOC) cut its seven-day reverse repurchase rate by 10 basis points to 1.4%, effective May 8, while lowering the reserve requirement ratio (RRR) by 50 basis points to release 1 trillion yuan ($138.5 billion) in liquidity. These steps aim to ease credit conditions and stimulate growth amid a property sector slump and weakening consumer demand.