China cuts interest rates amid zero-COVID economic woes | DW Business
China’s central bank ealier today trimming lending rates for the second time this year, taking its key rate down ten points to 2.75 percent. That as latest economic data showed there was need for more stimulus to support the economy.
Retail sales and industrial production rose slower than expected in July, as did totals exports out of China. This has caused much concern in Beijing.
Add to this, the mortgage woes. China’s once stellar property sector has sharply declined during the last few months, with both new investment and sales down sharply.
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