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China surprises with rate cuts as economy grapples with 'confidence crisis'

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cnbc.com/2023/08/15/china-is-grappling-with-a-confidence-crisis-says-economist.html

China's central bank unexpectedly cut rates on Tuesday, as policymakers continued to ramp up support for its struggling economy. Early Tuesday, the People's Bank of China trimmed the interest rate on 401 billion yuan ($55.25 billion) worth of one-year medium-term lending facility (MLF) loans from 2.65% to 2.50. It was the second rate cut in three months. The move came just…

This story from cnbc.com was posted on 2023-08-15 by @globeam.

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