China Moves to Support Markets After Data Showing Economy Slowed
- GDP rises 4.6% from last year, slowest pace in six quarters
- PBOC disclosed details of measures minutes after data release
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China’s central bank moved to support markets just as data showed the economy expanding the least in six quarters, signaling the government’s intent to continue a stimulus push to draw a line under the slowdown.
The People’s Bank of China disclosed more details of its measures to boost capital markets minutes after authorities released figures showing China’s slowdown deepened in the third quarter. At a separate event in Beijing, PBOC Governor Pan Gongsheng flagged the real estate and stock markets as key challenges in the economy that require targeted policy support.