China slashes interest rates and mulls big stimulus package in bid to revive slowing economy
China's central bank slashed short-term interest rates and is mulling a bigger monetary stimulus package — signs that the nation is trying to revive economic activity amid a slowdown that bucked forecasts of a red-hot recovery after pandemic lockdowns. announcement
from the People's Bank of China, marking the first rate cut from China's central bank since August of last year. The PBOC also injected 2 billion yuan, or $280 million into the country's banking system – another form of monetary easing aimed at increasing liquidity in the economy.
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