Name: China Ramps Up Economic Support as Developer Debt Vote Looms
Uploaded: 2023-09-05T07:20:09.000Z
Description: Five of China's biggest banks slashed interest rates on Friday.

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Five of China's biggest banks slashed interest rates on Friday.

The cut targets an economic slowdown that's focused on troubled developer Country Garden's debt crisis.

The company just delayed an important deadline for creditors to vote on whether to postpone payments until Friday.

The vote is a key hurdle Country Garden faces as it fights to avoid default.

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