Chinese stimulus not enough to ease concerns

China’s turbulent stock markets slipped again yesterday, as a double-barrelled blast of central bank stimulus failed to convince investors of Beijing’s ability to jolt its economy out of its slowdown.

After watching share prices tumble around 25% in a little more than a week, the People’s Bank of China re-entered the fray late on Tuesday, cutting interest rates and further loosening bank lending restrictions.

The response from China’s two main stock indexes, never reliable barometers of the domestic economy, was typically erratic, lurching between gains and losses of over 3% before closing modestly lower.