China makes surprise cut to key lending rate

China's central bank slashed the rate for its medium-term lending facility to 2.3%, from 2.5%. — Bloomberg

Beijing: China’s central bank has unexpectedly cut a medium-term interest rate by the most in more than four years, marking the latest move by authorities to boost economic growth.

The world’s second-largest economy has encountered severe headwinds in recent years, as a heavily indebted property sector, sluggish consumption and high youth unemployment weigh on confidence.