The People's Bank of China announced it was cutting its key one-year interest rate for the second time in three months on Monday, but left its five-year rate unchanged. The move comes as China's economy has struggled to recover from the impact of the pandemic. The move has defied expectations of steeper cuts and once again raised questions over the government's ability to provide the stimulus required to revive the economy. Stock markets in China and Hong Kong traded lower on the news.
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