The impact of the financial crisis. Since 2007, China * * * has experienced five cycles of RRR cut. The first round began in September 2008. In response to the impact of the global financial crisis, the central bank's monetary policy turned loose and cut interest rates five times in a row to maintain growth and promote domestic demand. Lowering the interest rate means lowering the interest on deposits and loans, and it also means that the interest income from depositing money in banks is reduced, and the interest paid by bank loans is also reduced.