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China cuts interest rate in unexpected move
From the Guardian:
China’s rate cut is the sixth since last November as the authorities try to kickstart the slowing economy. The People’s Bank of China has lowered its one-year benchmark bank lending rate by a quarter point to 4.35%, effective from 24 October. The one-year benchmark deposit rate was also cut by 25 basis points, to 1.5%.
This is China’s most aggressive policy easing cycle since the global financial crisis in 2008/09, Reuters said.
Photo: Michaël Garrigues