China's surprise rate cut sparked panic, adding to market risk aversion. The move came after similar reductions earlier in the week, reflecting urgency to boost growth.
Cryptocurrencies like Bitcoin and Ethereum fell, dragging down the wider market. Equity markets in Germany, France, and Nasdaq futures also declined.
The PBoC cut its one-year lending facility rate, injecting liquidity into the market. This significant and urgent action suggests a need for economic stabilization in China.
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