After US, China reduces interest rates to bolster sluggish economy
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The People's Bank of China (PBOC) has implemented a series of measures aimed at facilitating easier borrowing for households and businesses. This move is seen as the most significant effort by China in recent months to stimulate economic growth, prevent a housing market collapse, and halt a general decrease in prices. The PBOC has lowered short-term interest rates and existing mortgage rates, reduced minimum down payments for home purchases, and permitted banks to lend a larger percentage of their assets.