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China’s central bank cut its key interest rate for the first time in almost two years to help bolster an economy that has lost momentum because of a property slump and repeated virus outbreaks. In a stark policy divergence from other major economies, the People’s Bank of China lowered the rate at which it provides one-year loans to banks by 10 basis points the first reduction since April 2020. While inflation is the dominant concern for central bankers in the US and Europe, China’s relatively stable prices mean that policymakers have shifted to boosting growth. Official data yesterday showed that China’s GDP

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