Taiwan surprises markets with first cut in 5 years

The Central Bank of China (Taiwan) unexpectedly cut rates for the first time since 2003 on the back of fears that distressed financial markets could trigger a global slowdown in economic activity.

The majority of economists had expected the central bank to keep rates on hold but instead it cut its ten-day discount by an eighth of a percentage point to 3.5%. The country's equity and debt markets are expected to react positively to the move tomorrow.

The rate change follows a rate cut by the Peo

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