China cuts benchmark lending rate to 4.6% & reduced cash levels banks are required to hold ..interest rates cut 5th time in 9 months

http://www.bloomberg.com/news/articles/2015-08-25/china-lowers-interest-rates-for-fifth-time-since-november

The acceleration of monetary easing underscores policy makers’ determination to meet Premier Li Keqiang’s 2015 growth goal of about 7 percent. The risk of capital outflows and tighter liquidity after China devalued its currency on Aug. 11, weaker-than-forecast economic readings, and a 22 percent stock market plunge over four days added pressure for more stimulus.
“Clearly, this is targeted at the falling stock market,” said Tao Dong, chief regional economist for Asia excluding Japan at Credit Suisse Group AG in Hong Kong. “China needs extra liquidity to prevent systemic risks. But ultimately, fixing the economy is more important than fixing the stock market and advancing reforms is critical.”
The economy still faces downward pressure and the task of stabilizing growth, adjusting its structure, pushing reforms and improving living standards is very challenging, the PBOC said in a Q&A-style statement released after the move. Given volatility in global financial markets, “we need to use monetary policy tools more flexibly,” it said.

 Yesterday all the pundits were pissed because China manipulates their market as well as their currency today they are jizzing themselves because China manipulates their market and their currency.

We were not even in OVERSOLD TERRITORY YET!! Now President whats his name can make an appearance and tell us all how wonderful and strong the economy is and for us all to go shopping to buy more cheaply made Chinese goods.