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After the ECB, Feds, BoE, BoC, SNB and Central bank of Sweden all cut rates yesterday by 50 basis points, The Bank of Korea and Taiwan's central bank lowered their benchmark by 25 basis points while Hong Kong cut their rates by 50 basis points taking it down to 2 percent to maintain a half percentage point spread between their benchmark and the Feds rates as the Hong Kong currency is pegged to the US Dollar. Japan however couldn't lower rates as they hold the lowest rates among major economies but instead injected 2 trillion yen into the financial system.
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