China's central bank on Friday lowered interest rates and injected liquidity into the banking system as Beijing assembled a last-ditch stimulus assault to pull economic growth back towards this year's roughly 5% target.

The billionaire owner of French luxury powerhouse LVMH has seen his wealth inflate by $17 billion dollars in just one day, after China announced fresh moves to restore economic growth that some call the long-awaited “bazookas” needed to revive confidence.

It is the first time I’ve ever seen the Chinese central bank directly use its own money to support the stock and real estate markets,” says Lu Xi, an assistant professor focusing on China’s economics at the National University of Singapore.

China: Week's second stimulus shot boosts markets. The China stock rally returned as Beijing announced more measures to revive the world's second-largest economy, including cash h