News Snapshot:
China has cut a crucial lending rate in an effort to shore up growth as the world’s second-biggest economy is buffeted by repeated coronavirus lockdowns and a worsening property crisis. The People’s Bank of China on Monday reduced its medium-term lending rate, for one-year loans to the banking system, by 10 basis points to 2.75 per cent, the first cut since January. Analysts had expected the central bank to leave the rate unchanged. The decision highlighted deepening anxiety in Beijing as it tries to combat a decline in consumer demand triggered by its drawn-out zero-Covid policy, as well as the...
