In a move that surprised markets, China's central bank cut major short- and long-term interest rates. The reductions have been applied to the bank's short-term policy rate, its market operations rates and benchmark bank lending rates, according to Reuters. The People's Bank of China said in a statement it had issued 200 billion yuan ($27.5 billion) in one-year loans under its medium-term lending facility (MLF) at 2.30%, down 20 basis points from its previous MLF loan, Bloomberg reports. Gross domestic product (GDP) in the United States increased by 2.8% in the second quarter of this year. Gains in inventory building and increased government spending helped boost growth and gains in consumer spending amid receding inflation. Despite a regression in the housing market causing a minor drag on the US economy, it continues to outperform its peers. The annualized 2.8% growth rate also surpassed expectations in a Reuters poll of economists. The World Economic Forum's Centre for Financial...
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