China’s central bank cut lending and deposit interest rates for the third time in six weeks to shore up confidence in the country’s economy, the Wall Street Journal reported. Banks’ benchmark one-year lending rate was trimmed 0.27 of a percentage point to 6.66%, while the one-year deposit rate was cut by the same amount, to 3.60%. The central banks of the US, Japan, Europe and the UK are all expected to continue lowering borrowing costs in the coming days. The reductions come as domestic firms report disappointing third-quarter results. Overall, China’s economy grew 9% year-on-year in the third quarter, the slowest pace in five years.
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