China Cuts Interest Rates Amid Mounting Concerns Over Economy

August 25, 2015 1:24 PM

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China Cuts Interest Rates Amid Mounting Concerns Over Economy

HONG KONG — China’s central bank on Tuesday cut its benchmark interest rate and freed banks to lend more, the latest signs of the government’s growing distress over slumping stocks and slowing economic growth.

The central bank’s action followed a global stock market rout in which China led the declines. The main Shanghai share index plunged another 7.6 percent on Tuesday, to its lowest level this year. That brought its three-day decline to 22 percent, signaling that two months’ worth of attempts by the go...

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