A Rate Cut in China Sends Shares Soaring
Investors pile in after the central bank moves to juice the economy
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China’s central statistics bureau delivered the bad news on Oct. 21: Gross domestic product had risen at only a 7.3 percent annual rate in the most recent quarter, the slowest rate of expansion since the depths of the financial crisis. The report confirmed the country was on pace for its most sluggish annual growth in almost a quarter century.