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China pumps cash into banks in bid to accelerate growth from 24-year low

Fluttering Chinese national flag casts its shadow on the headquarters of the People's Bank of China, China's central bank, in central Beijing  China pumps cash into banks in bid to accelerate growth from 24-year low 2015 01 21T133321Z 1 LYNXMPEB0K0OC RTROPTP 2 CHINA ECONOMY POLICYChina's central bank has bolstered support for the cooling Chinese economy by injecting another 50 billion yuan (8.1 billion) worth of short-term loans into banks to spur growth from a 24-year low. The People's Bank of China (PBOC) said on Wednesday it issued an additional 50 billion yuan worth of three-month loans to mid- and small-sized banks while rolling over 269.5 billion yuan of similar loans that have expired. The remarks were published on the PBOC's Weibo account, China's version of Twitter. The move followed data on Tuesday that showed the world's second-largest economy grew 7.4 percent last year, the weakest rate since China was hit by sanctions in 1990 after the Tiananmen Square crackdown.


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