China cuts interest rate, injects $7 billion into banking system

The People's Bank of China (PBOC) on Monday cut the seven-day reverse repo rate to 2.2% from 2.4% and injected 50 billion yuan or $7 billion into the banking system. 

The central bank infused liquidity into the financial system via open-market operations for the first time since Feb. 17, ending the longest hiatus since December 2018, according to Bloomberg. 

So far, the rate cut and the liquidity injection have failed to bring relief to the risk assets. The S&P 500 futures are reporting a more than 1% loss at press time.