China Cuts Interest Rate as Growth Risks Worsen

“China’s central bank cut its key interest rate for the first time in almost two years to help bolster an economy that’s lost momentum because of a property slump and repeated virus outbreaks,” Bloomberg reports.

“In a stark policy divergence with other major economies, the People’s Bank of China lowered the rate at which it provides one-year loans to banks by 10 basis points — the first reduction since April 2020.”