Caixin
Aug 15, 2022 03:42 PM
FINANCE

China Shocks With Rate Cut as Data Shows ‘Alarming’ Slowdown

People’s Liberation Army soldiers stand in front of the People’s Bank of China in Beijing on Dec. 13. Photo: Bloomberg
People’s Liberation Army soldiers stand in front of the People’s Bank of China in Beijing on Dec. 13. Photo: Bloomberg

(Bloomberg) — China’s central bank unexpectedly cut its key interest rates as it ramps up support for an economy weighed by Covid lockdowns and a deepening property downturn.

The rate cut came just before data showing home prices fell again in July, while industrial output and retail sales were weaker than expected, illustrating the breadth of the slowdown. The problems facing the economy have continued into August, with some homebuyers still refusing to pay mortgages on unfinished homes and Covid cases spiking as outbreaks and lockdowns spread across the country.

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