China Cuts Interest Rates As Economic Data Disappoint And Covid Cases Rise


Source: newslanes.com newslanes.com

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China has cut interest rates in an effort to shore up growth as the world’s second-biggest economy is buffeted by repeated lockdowns and a worsening property downturn. The People’s Bank of China on Monday reduced the medium-term lending rate, through which it provides one-year loans to the banking system, by 10 basis points to 2.75 per cent, the first cut since January. Analysts polled by Bloomberg had expected the PBoC to leave the rate unchanged. The decision highlighted deepening anxiety in Beijing as it tries to combat a months-long decline in consumer demand triggered by its drawn-out zero-Covid policy, as...