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Saturday, September 24, 2022

China cuts key interest rates to boost struggling economy

SHANGHAI — China on Monday unexpectedly cut key interest rates for the second time this year to boost its struggling economy as industrial production and retail sales weakened while youth unemployment hit a record high.

The People’s Bank of China said it was cutting the rate on a 400 billion yuan ($59 billion) worth of one-year, medium-term lending facility loans to some banks by 10 basis points to 2.75% from 2.85%.

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