PBoC cuts key rate to record low as Chinese economy shrinks

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The People’s Bank of China

China’s central bank reduced a key medium-term rate to a record low and extended more emergency liquidity to financial institutions this week, as the country’s economy contracted for the first time in four decades.

Today (April 17), China reported its first negative year-on-year quarterly growth since the 1980s. Gross domestic product in the first quarter of 2020 shrank 6.8%, compared with the same period last year, according to data released by the National Bureau of Statistics.

Two days

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