The People’s Bank of China cut its rate on a one-year loan to 2.75% from 2.85% and injected an extra 400 billion yuan ($60 billion) in lending markets. The decision suggests Beijing is temporarily setting aside concern about debt and trying to head off a politically sensitive slump. The ruling Communist Party effectively acknowledged last month it can’t hit this year’�s official 5.5% growth target after anti-virus curbs disrupted trade, manufacturing and consumer spending. A crackdown on corporate debt has caused activity in the vast real estate industry to plunge. The slowdown adds to political headwinds for Xi Jinping, China’s most powerful leader since at least the 1980s, though he still is widely expected to succeed. . . .
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