TIMELINE

Nov 21 China’s central bank reduces the benchmark one-year lending rate by 40 basis points (or 0.4 per cent) to 5.6 per cent

Feb 4 Banks’ reserve requirements (the amount of cash they need to hold) is cut by 50bp to 19.5 per cent

Feb 28 One-year lending rate lowered by 25bp to 5.35 per cent Mar 30 Minimum down payment on second homes reduced to 40 per cent from 70 per cent, and 5.6 per cent property transaction tax eliminated

Apr 19 Banks’ reserve requirements cut by one percentage point to 18.5 per cent

May 10 One-year lending rate cut by 25bp to 5.1 per cent Jun 27 One-year lending rate reduced to a record low of 4.85 per cent, and reserve requirements lowered to 18 per cent

Aug 11 The renminbi is devalued against the US dollar by 2 per cent

Aug 12 Further 1.6 per cent devaluation of the renminbi

Aug 25 One-year lending rate cut by 25bp to new record low of 4.6 per cent, and reserve requirements for banks cut to 17.5 per cent

Aug 26 Injection of RMB 140 billion into the interbank money market via short-term liquidity operations (SLOS)

Aug 28 Further injection of RMB 60 billion into the interbank money market via SLOS Sep 30 Minimum down payment for first-time homebuyers cut to 25 per cent from 30 per cent