China's central bank cut the reserve requirement ratio by 100bps

Following the country's soft GDP data last week, China's central bank cut the reserve requirement ratio for all banks by 100 bps to 18.5%, adding more liquidity to the world's second-largest economy to combat slowing growth. China's GDP is still expected to fall to a quarter-century low of around 7% this year from 7.4% in 2014, even with the additional stimulus.