China Cuts Interest Rates to Spur Growth, Ease Debt Strain

China cut interest rates unexpectedly on Friday, stepping up efforts to support the world's second-biggest economy as it heads towards its slowest expansion in nearly a quarter of a century, saddled under a mountain of debt. But the central bank, keen to show it was not back-tracking on economic reforms, twinned the move with a slight liberalization of the rates banks pay to borrowers in a bid to ensure millions of savers do not see their incomes hit. Beijing's first rate cut...

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