China cuts benchmark lending rate for 1st time in nearly 2 years

Politics Economy

China's central bank cut its benchmark lending rate on Monday for the first time in nearly two years to prop up the slowing economy, in a sharp contrast to the United States and other major economies that are moving to tackle inflation. In recent months, the U.S. Federal Reserve and the European Central Bank have been inclined to tighten their monetary policy in an attempt to curb steep inflation stemming partially from a spike in global material prices amid hopes for post-pandemic economic recovery. But the latest rate reduction underscored that the government of President Xi Jinping is tryin...

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