China unexpectedly cut a key interest rate on Tuesday and announced tax breaks for businesses, as weakening credit growth added to signs a post-Covid recovery in the world’s second-largest economy is losing steam.
The People’s Bank of China cut the seven-day reverse repo rate, used to manage short-term liquidity in the banking system, in a move analysts said probably signalled more substantial monetary easing and stimulus measures to come.
Following the rate cut, the government released credit growth figures for May that analysts said fell well short of forecasts as a weak property market weighed on consumer sentiment.
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