China Cuts Policy Rates As Economic Data Disappoints

The People's Bank of China slashed major policy rates on Tuesday as economic data suggested that the second-largest economy is still struggling to regain strength amid fears of another slump in the real estate sector. The Chinese central bank reduced the one-year medium-term lending facility, or MLF, to 2.50 percent from 2.65 percent. The bank had lowered the MLF by 10 basis points in June.

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