China Again Cuts Interest Rates as Concerns Mount Over Economy
ByCreditGreg Baker/Agence France-Presse — Getty Images
HONG KONG — China’s central bank on Tuesday cut its benchmark interest rate and freed banks to lend more, the latest signs of the government’s growing distress over slumping stocks and slowing economic growth.
The central bank’s action followed a global stock market rout in which China led the declines. The main Shanghai share index plunged an additional 7.6 percent on Tuesday, to its lowest level this year, signaling that two months’ worth of attempts by the government to prop up stock prices had limited effect. In early trading on Wednesday, the index swung between gains and losses, diminishing investors’ hopes for a strong rebound after the rate cut…
China Again Cuts Interest Rates as Concerns Mount Over Economy