China’s Central Bank Ramps Up Rate Cuts as Economy Weakens

(Bloomberg) — China’s central bank ramped up its monetary stimulus to help spur the economy amid signs of a weakening property market, a slump in business investment and record joblessness among young people.

The People’s Bank of China (PBOC) lowered the rate on its one-year loans — or medium-term lending facility — by 10 basis points to 2.65%, the first reduction since August. That’s likely to prompt banks to lower their lending rates next week.