Asian stocks fall as China cuts key lending rates

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Asia Pacific

Asian stocks fall as China cuts key lending rates

Stocks in Asia have fallen on Tuesday after China's central bank cut another two key lending rates. Investors are worried the latest rate cut would not be enough to boost confidence in the weakening economy. The People's Bank of China lowered its one-year loan prime rate by 10 basis points to 3.55% and five-year LPR by the same margin to 4.2%. It's the latest in a string of moves by Beijing to shore up a slowing recovery in the world's second-largest economy as it struggles with record-high youth unemployment, a weak property sector and looming deflation risks. Economists widely expect additional stimulus to be rolled out in the coming months.