China surprises with modest rate cut amid growing concerns about rapidly weakening yuan

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Open this photo in gallery: Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, in Beijing, on Sept. 30, 2022.TINGSHU WANG/Reuters China cut its one-year benchmark lending rate on Monday as authorities seek to ramp up efforts to stimulate credit demand, but surprised markets by keeping the five-year rate unchanged amid broader concerns about a rapidly weakening currency. The recovery in the world’s second-largest economy has lost steam due to a worsening property slump, weak consumer spending and tumbling credit growth, adding to the case for authorities to release more policy stimulus. However,...