The People’s Bank of China continued nipping away at its one-year lending rate, cutting off 0.27 percentage points to 5.31%, its fifth rate cut in three months.

China’s once-rampant inflation has cooled to its slowest pace is 22 months, opening the door for aggressive interest rate cuts that could potentially kick-start its economy back into high gear.

Seemingly under the radar, China’s Shanghai Composite Index has risen 17.7% since Nov. 1. Specifically – and not coincidentally – the index began its rise Nov. 10, the day after Beijing announced an ambitious economic stimulus plan that will pour $585 billion into housing, water-and-energy projects, airports, disaster relief and railroad construction over the next two years.

China’s $200 billion sovereign wealth fund, China Investment Corp. (CIC), doesn’t plan to open its wallet to foreign financial firms and banks any time soon.