On Friday, the ECB announced that it was reducing its benchmark interest rate to a record low 0.75 percent, down from 1 percent, while the PBOC lowered interest rates on one-year loans from 6.31 percent to 6 percent, and said that banks can discount rates by as much as 30 percent below that benchmark, an increase from the previously allowed 20 percent.

FORBES: China Reaches Into Its Monetary Tool Kit