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HONG KONG (MarketWatch) -- The People's Bank of China Wednesday slashed its lending and borrowing rates by more than 1%, in addition to cutting banks' reserve requirements sharply, to deliver its strongest response yet to a recent slowdown in the mainland's economic growth. The central bank cut interest rates by as much as 1.08%, taking the one-year yuan lending rate to 5.58% from 6.66%, and the one-year yuan deposit rate to 2.52% from 3.60%. The rate cuts are effective Thursday, according to newswire reports. The central bank also reduced the reserve requirement for the country's six largest banks by 1%, and for smaller banks by 2%. The reduction in the lending rate is the PBOC's fourth since mid-September. According to a Bloomberg report, it's also the biggest in 11 years. 'This is the most aggressive monetary easing in recent years and should bode well for China's market performance,' Jing Ulrich, chairman and managing director for China equities at JP Morgan, wrote in a report. 'To support economic growth and maintain employment, China's policy makers are complementing an aggressive fiscal stimulus agenda with monetary easing, as well as direct market intervention,' she added. 'Today's further easing of monetary policy will boost liquidity in the market as the economic downturn gathers pace.' PBOC's monetary policy easing comes after Beijing unveiled a massive 4 trillion yuan ($586 billion) economic stimulus package earlier this month to reverse slowing economic growth.

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