BEIJING — China today eased key monetary policy tools in a bid to boost its ailing economy as it struggles with the effects of weak consumption and the trade war with the US.

The country's leaders are battling to reignite growth, which has not fully recovered since the Covid-19 pandemic, crippled by sluggish domestic demand and a protracted property sector crisis.

That has been compounded by a punishing trade war that has seen US President Donald Trump impose tariffs reaching 145 per cent on many Chinese products and Beijing retaliate with 125 per cent duties on imports from the US. Today, the head of China's central bank told a news conference that Beijing would cut a key interest rate and lower the amount banks must hold in reserve in order to boost lending.