For months, President Xi Jinping appeared unfazed by slowing growth as stocks sank, prices fell and discontent grew around China. This past week showed he’s not willing to tolerate any more pain.
The People’s Bank of China led the charge to revive sentiment on Tuesday in a rare televised press briefing beamed live around the world, opening its war chest to stock markets and making money cheaper to borrow.
The next day it kept the positive news flowing by lowering the interest rate on its one-year loans to lenders by the most on record, while the government issued rare cash handouts and floated new subsidies for some jobless graduates.
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