China caps week of bazooka stimulus for ailing economy with rate cut [Video]

China on Friday opened up over a hundred billion dollars in cash for its ailing economy, capping a week in which its leadership embark on one of their biggest drives in years to kickstart growth.

The move by the People’s Bank of China comes a day after President Xi Jinping and other top officials admitted to “new problems” in the world’s second-largest economy and outlined plans to get it back on track.

Beijing this week unveiled a raft of measures to boost the economy, which it has targeted to grow five percent this year — an objective analysts say is optimistic given the many headwinds it faces.

On Friday, it cut the reserve requirement ratio, which dictates how much lenders must hold in reserve.

Previewing the move on Tuesday, central bank chief Pan Gongsheng said the move will inject around a trillion yuan ($141.7 billion) in “long-term liquidity” into the …