News Snapshot:
China’s central bank cut key lending rates in a surprise move on Monday to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing’s zero-Covid policy and a property crisis. The grim set of figures indicate the world’s second largest economy is struggling to shake off the June quarter’s hit to growth from strict Covid restrictions, prompting some economists to downgrade their projections. Industrial output grew 3.8 per cent in July from a year earlier, according to the National Bureau of Statistics (NBS), below the 3.9 per cent expansion in June...
