Move comes as central bank unexpectedly cuts key interest rate, showing economic concern
Figures show an economic slump deepened in July
Growth in factory output slowed to 3.7 per cent from 4.4 per cent, according to Tuesday’s data, as export demand plunged after US and European central banks raised interest rates to cool inflation. Investment in factories, real estate and other fixed assets rose 3.8 per cent, down from June’s 3.4 per cent.
The People’s Bank of China cut the interest rate on a one-week loan to banks to 1.8 per cent from 1.9 per cent. Economic growth slid to 0.8 per cent over the previous quarter in the three months ending in June from 2.2 per cent in the January-March period. That is equivalent to 3.2 per cent annual growth, which would be among China’s weakest in decades.
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