Chinese central bank cuts interest rates to stimulate economy, impacting Asian markets.
On August 3, 2020, Asian markets fluctuated as traders reacted to the Chinese central bank's interest rate cuts aimed at stimulating the economy, which expanded at its slowest rate since early 2023. The People's Bank of China set two key rates to record lows to promote spending. Amid rising geopolitical tensions, gold prices surged to a new high of $2,729.30. While Hong Kong and Shanghai saw declines, markets in Tokyo, Sydney, and Seoul rose.
October 21, 2024
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