China's central bank enters stimulus mode

April 20, 2015 4:32 AM

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China's central bank is kicking into gear, launching new stimulus designed to counter the country's slowest economic growth in six years.

The People's Bank of China announced on Sunday that it will lower the amount of cash that large banks must keep on reserve by 1% to 18.5%, a move that should boost the economy by freeing up money for banks to lend.

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