China's Central Bank Cuts Rates as Economy Slows

November 21, 2014 11:01 AM

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China's central bank cut interest rates Friday and promised to inject extra credit into the financial system if needed amid a deepening slowdown in the world's No. 2 economy.

The People's Bank of China said it acted to address "financing difficulties" caused by a shortage of credit. It also said the move was not a change in monetary policy and economic conditions are within an "appropriate range."

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