China’s central bank has cut one of its key interest rates for the second time in three months as the world’s second-largest economy struggles to bounce back from the pandemic.
The People’s Bank of China (PBOC) lowered its one-year loan prime rate to 3.45% from 3.55%. The country’s post-Covid recovery has been hit by a property crisis, falling exports and weak consumer spending.
In contrast, other major economies have raised rates to tackle high inflation.
You’re most likely right. Although, rules only work while people follow them. I’m normally against calling for revolutions, as I think they tend to destabilize the county to the point where it’s very easy for corruption to take control. However in countries like China, Russia, or Myanmar, the current power structure is so entombed in the foundation of those countries that there’s no real way out of that through the “legal process”. Also I just realized that all those countries had their own revolutions that placed the current tyrants into power.
I’m hoping that the people are able to see past their propaganda.