China’s central bank cut a key policy rate just one day after announcing several monetary easing measures to boost lending amid concerns that Beijing might miss its official annual growth target this year.

The PBOC plans to set up a swap facility that would give financial institutions access to at least US$71 billion in funding to buy shares.

China’s central bank, the PBOC, has announced a series of stimulus measures that have sent Asian stocks skyrocketing and are expected to boost European markets. The PBOC plans to inject at least 800 billion yuan ($114 billion) into the stock market and allow brokerages to access central bank funding for buying equities.