— This is the script of CNBC's news report for China's CCTV on May 11, Monday.
A THIRD cut to rates in China in six months.
It's enough to send equities across Asia soaring.
But will it be enough to jump start the economy?
Some are ALREADY betting of more cuts to come.
[Hans Goetti, Banque Int'l A Luxembourg] "At the moment, the lower rates helped refinancing local governments and SOEs, and this cycle should come to an end quickly, probably soon, and then lower rates will fill through the economy. So in the 3rd or 4th quarter, you should see a reaction acceleration."
The central bank said the move would support the healthy development of the economy.
Economists had said it was not a matter of if, but when China eased policy again after economic growth in the first quarter cooled to 7 percent, the slowest pace since 2009.
Initial indicators and industry surveys for April released over the last few weeks had pointed to a further loss of momentum heading into the second quarter.
Liquidity in the banking system is generally adequate and market interest rates are falling, providing a good window to open up the upper limit for deposit rates, it said.
The central bank has now cut interest rates and relaxed banks' reserve requirements five times in six months, and many economists expect more easing measures over the course of the year as the world's second-largest economy is weighed down by a weak property market and slackening growth in manufacturing and investment.
Meanwhile, some analysts remain bullish on China's equity and housing market.
[Xavier Denis, Societe Generale Securities] "It maybe a temporary roll down than really a significant and meaningful collapse of Chinese equity market. It could reverify on its own H share market, but we consider that in terms of valuation, Chinese equities remain relatively attractive at this state."
I'm CNBC's Qian Chen, reporting from Singapore.