China’s central bank acted shortly after news that officials from China and the Trump administration will hold their first formal trade talks since the punishing tariffs began.

China has announced a barrage of measures meant to counter the blow to its economy from U.S. President Donald Trump ’s trade war, as the two sides prepare for talks later this week. Beijing's central bank governor and other top financial officials outlined plans to cut interest rates and reduce bank reserve requirements to help free

China is counting on its 1.4 billion consumers to help cushion the blow from Donald Trump’s tariffs. But that strategy is running into a wall of uncertainty, with millions of factory jobs at risk.