Rates cut to ward off slowdown
By Xin Zhiming | China Daily | Updated: 2008-10-09 07:33
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A man looks at a video display showing Japanese stock prices in Tokyo yesterday. The Nikkei average plunged 9.4 percent, its biggest drop since the 1987 stock market crash, as fears about a global recession intensified. Reuters |
China, following other economies, cut the benchmark deposit and lending rates by 0.27 percentage point yesterday to anchor its economy amid a worsening global financial crisis.
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