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China unveils surprise rate cut and mortgage subsidies
Original: JUST IN: China unveils a surprise rate cut and new mortgage subsidies in a bid to spur its slowing economy.
China's central bank has announced an unexpected interest rate cut alongside new mortgage subsidies, in a fresh effort to stimulate the country's slowing economy. The surprise move is aimed at supporting the struggling property sector and boosting household borrowing as growth momentum weakens.
Why now: The unexpected timing and scale of the stimulus measures are drawing attention amid mounting concern over China's economic slowdown.
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