China’s central bank on Friday announced a surprise cut to interest rates, in the clearest sign yet that policy makers are growing increasingly concerned the country’s economic slowdown. Despite numerous signs that growth has been flagging, China’s leadership for months has refrained from any broad-based economic stimulus measures as policy makers tried to push through a package of ambitious financial overhauls. Instead, they opted for piecemeal efforts like injecting money into big banks. The overarching message was that Beijing was willing to tolerate slower growth to make way for more sustainable development. But China is now rethinking that message. China’s action comes at a time of growing worries over the global growth. Japan is now in a recession. Growth in Europe has stagnated. The global weakness has raised concerns that the ongoing recovery in the United States could falter. The rate cut helped buoy stocks around […]