Reuters reports that China's central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Monday, the largest in nearly five years, as authorities stepped up measures to relieve pressure on an economy ravaged by coronavirus pandemic.

The People's Bank of China (PBOC) said on its website that it was lowering the 7-day reverse repo rate to 2.20% from 2.40%.

Ma Jun, a central bank advisor told state media that China still has ample room for monetary policy adjustment and the rate decision took into consideration the return of Chinese companies to work, the global virus situation and a deterioration in the external economic environment. It was the third cut in the 7-day rate since November.