TO THE POINT:For the fifth time in four months, the central bank slashed benchmark interest rates by 0.27 percentage points and reduced the reserve requirement ratio by another 0.5 percentage points to boost invest-ment. The government, in the wake of plummeting international crude oilprices, lowered refined oil prices for the first time this year. China’s foreign reserves shrank due in part to the outflow of foreign capital and the depre-ciation of the euro. The government adopted new measures such as raising tax rebates to encourage exports. Sina.com, one of China’s largest Web portals, purchased the core assets of Focus Media, a NASDAQ-listed adver-tising company.
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