China makes surprise cut to key lending rate

By Associated Press

Jul 26, 2024 12:15 am

BEIJING — China's central bank on Thursday unexpectedly cut a medium-term interest rate by the most in more than four years, marking the latest move by authorities to boost economic growth.

The world's second-largest economy has encountered severe headwinds in recent years, as a heavily indebted property sector, sluggish consumption and high youth unemployment weigh on confidence.

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