China's Central Bank Takes Action with Rate Cuts Amidst Economic Downturn
TL;DR
China's economy slowed further in July, with industrial output growing at a slower pace of 3.7% and retail sales rising by 2.5%, the slowest growth since December 2022. The weak data prompted the central bank to unexpectedly cut key policy rates for the second time in three months. The property sector continued to decline, with investment falling for the 17th consecutive month. The youth jobless rate also rose to a record high in June. The data highlights the need for policymakers to provide more support measures to bolster the economy.
- China cuts key rates as weak batch of July data darken economic outlook Reuters
- China central bank unexpectedly cuts rates to support sputtering economy Yahoo Finance
- China's Central Bank Cuts Key Rate as Economic Data Disappoint Bloomberg Television
- China Central Bank Unexpectedly Cuts Key Rates as Economy Slumps Bloomberg
- Yuan Falls on Rate Cut as China Data Disappoints: Markets Wrap Yahoo Finance
Want the full story? Read the original reporting
Read on Reuters