Dealers work on the trading floor at IG Index in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett
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China's central bank cut interest rates and lowered the amount of reserves banks must hold for the second time in two months Tuesday, ratcheting up support for a stuttering economy and a plunging stock market that has sent shockwaves around the globe.The People's Bank of China said that it was cutting the one-year benchmark bank lending rate by 25 basis points to 4.6 percent, cutting one-year benchmark deposit rates by the same amount, and reducing reserve requirements (RRR) by some 50 basis points to 18 percent for most big banks.China, one of the main engines of the world economy, has overtaken Greece at the top of the worry list of global investors, who fret its economy is growing at a much slower pace than the official 7 percent target for 2015 .A majority of analysts, however, predicts a continued deceleration – rather than a crash – for China's economy, and dismisses comparisons with the 2008 global financial crisis or the 1997/98 crisis in Asia.
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