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Latest official data showed a contraction in industrial output for the first time since 2020 and a jump in the surveyed jobless rate to 6.1% in April, close to a record.
CHINESE banks cut a key interest rate for long-term loans by a record amount, a move that would reduce mortgage costs and may help counter weak loan demand caused by a property slump and Covid lockdowns.
China has cut a key interest rate for long-term loans by a record amount, a move that would reduce mortgage costs and may help counter weak loan demand.
China’s largest documented outbreak continues to spread despite an extended lockdown of Shanghai’s 25 million people, weighing on a fragile economy and straining global supply chains.