China cuts second key lending rate to fight slowdown

News Snapshot:

Iron ore prices rose this week on hopes that the Chinese government was finally prepared to stimulate the economy, but remain sensitive to concerns that high debt levels will prevent it from taking any meaningful action to prevent a downturn. Iron ore futures traded higher on Thursday afternoon, up 0.7 per cent to $US113.25 a tonne. The PBOC announced the 0.10 of a percentage point cut on 237 billion yuan ($49 billion) for one-year medium-term lending facility (MLF) loans on Thursday. ‘Spender of last resort’ “The real barrier to a growth recovery is a lack of confidence, and the situation...