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China’s central bank announces rate cuts as economy continues to struggle

China’s central bank announces rate cuts as economy continues to struggle

Aug 16, 2023, at 01:15 am

In an unexpected move, People’s Bank of China trimmed the interest rate on 401 billion yuan ($55.25 billion) worth of one-year medium-term lending facility (MLF) loans from 2.65% to 2.50 on Tuesday.