BEIJING–The People's Bank of China on Monday cut two benchmark interest rates in a bid to boost lending and kick-start growth in the world's second-largest economy.Beijing is battling an unprecedented crisis in the country's vast real estate sector, continued weak consumption and a high youth unemployment rate, while geopolitical tensions with Washington and the European Union threaten its foreign trade.
'Sluggish growth The economy slowed sharply in the second quarter, with data last Monday showing growth of 4.7 percent, well below expectations and sharply down from 5.3 percent in the previous three months.The reading is also the weakest since the beginning of 2023, when China lifted its draconian Covid restrictions and off Beijing's official target of five percent for the year.