- In response to both a slowing domestic and global economy, China has cut its benchmark interest rates for the first time in more than two years.
- The People's Bank of China lowered one-year benchmark lending rates by 40 bps to 5.6% and reduced the one-year deposit rate by 25 bps to 2.75%.
- China's economic growth slowed to a five-year low of 7.3% last quarter.
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