In chess, the term zugzwang describes a situation in which a player cannot skip a turn but any move he makes will put him in a worse situation.
That also neatly describes the situation facing the Chinese government as it cut interest rates yesterday for the first time since the height of the financial crisis in late 2008, lowering benchmark lending and deposit rates by 25 basis points to 6.31 per cent and 3.25 per cent respectively.
With growth slowing much more than expected and an array of indicators pointing south, Beijing has been forced to act to prop up activity in the world’s second-largest economy.
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