BIEJING: Chinese stocks edged lower in early Monday trade as an interest rate cut by the central bank failed to impress investors who are becoming increasingly worried that the recent rally has been overdone.
Money rates eased while the yuan steadied after the People’s Bank of China said on Sunday it was lowering its benchmark one-year lending and deposit rates by 25 basis points, the third cut in six months, to help support an economy headed for its slowest growth in a quarter of a century.
As of 0150 GMT, the CSI300 index of the largest listed companies in Shanghai and Shenzhen was down 0.2 percent, while the Shanghai Composite Index was down 0.1 percent.
