China's Economic Slowdown Prompts Rate Cut, Increases Focus on Stimulus

China’s weakening economy prompted the central bank to cut interest rates for the first time since August, and expectations are growing for more stimulus targeted at ailing industries including the property sector.

The People’s Bank of China reduced the rate on its one-year loans on Thursday after lowering short-term rates earlier this week. Official data showed a slump in real estate, a worrying decline in business investment and record joblessness among young people.

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