Tokyo | China pushed ahead with a second round of rate cuts on Thursday as Xi Jinping’s government comes under increasing pressure to implement urgent stimulus after the latest economic data confirmed the country’s post-pandemic recovery stalled in May.

Acknowledging the world’s second-largest economy needs government intervention to avoid a downturn, the People’s Bank of China cut the main one-year rate that affects banks’ funding costs. It followed surprise cuts to two short-term policy rates on Wednesday.