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And India, the second-most populous country after China, declared a nationwide lockdown on Tuesday, but Trump and Vice-President Mike Pence said that such a step has never been under consideration for the US.

Analysts believe the moves were made to stabilize market expectations as banks' liquidity demand could increase due to taxes and required reserves as well as more maturing securities.

Analysts said the country is heading in a dangerous direction and is seeking new defense capabilities that exceed the limits of its pacifist Constitution.

Analysts expected the PBOC to cut the LPR by 20 basis points, or 0.2 percentage points, later this month, to guide a further reduction of financing costs for smaller companies. The one-year LPR now is at 4.05 percent.

And it is not just beef.