According to Reuters, China has implemented its first reduction in key lending benchmarks in 10 months. The move aims to support a decelerating economic recovery. However, due to concerns regarding the property market, the easing measures were not as extensive as anticipated.

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The one-year loan prime rate (LPR) was decreased by 10 basis points to 3.55%, while the five-year LPR saw a similar reduction to 4.20%, per Reuters. This monetary loosening occurs as China experiences a slowdown in the initial momentum observed during the first quarter.

According to data from Benzinga Pro:

• BILI is trading lower by 8.44% to $16.00
• TME is lower by 5.48% to $7.59