South Korea, Taiwan and Hong Kong all slashed interest rates Thursday, joining in a chorus of cuts by central banks around the world aimed at fighting the global financial crisis. The moves follow Wednesday’s coordinated rate reductions led by the U.S. Federal Reserve and the European Central Bank. China’s central bank also cut rates Wednesday, thought did not say if it was part of the joint action. Investors generally cheered the moves, although stock market gains faded as trading progressed and investors reassessed the severe strains on credit markets. Full Story
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