China cuts key interest rate as recovery falters

Posted on AllSides August 21st, 2023
From The Center

China's central bank has cut one of its key interest rates for the second time in three months as the world's second-largest economy struggles to bounce back from the pandemic.

The People's Bank of China (PBOC) lowered its one-year loan prime rate to 3.45% from 3.55%.

The country's post-Covid recovery has been hit by a property crisis, falling exports and weak consumer spending.

In contrast, other major economies have raised rates to tackle high inflation.

The PBOC last cut its one-year rate - on which most of China's household and...

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