News Snapshot:
Shanghai | China cut its benchmark reference rate for mortgages by an unexpectedly wide margin on Friday, its second cut this year as Beijing seeks to revive the ailing housing sector to prop up the economy. Senior officials have pledged further measures to fight a slowdown in the world’s second-biggest economy, hit by COVID-19 outbreaks that prompted stringent measures and mobility restrictions, causing huge disruptions to economic activity. A key drag on China’s growth has been the property sector, which policymakers are seeking to turn around. Bloomberg Many market participants believe Friday’s move was also a response to Premier Li...
