Reserve pulls out surprise interest rate cut as China’s engine splutters

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(Image by Lludo on Flickr)

The Reserve Bank has just delivered a surprise present for mortgage holders by announcing an unexpected rate cut. Most economists expected that rates would remain on hold until later in the year. The Bank is trying to breathe more life into the economy in the midst of a long global slowdown. Concern is growing about the Chinese economy, one of the few remaining bright spots of global growth.

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