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China cuts fuel price in new stimulus move

4:28 AM, Jun 8, 2012   |    comments
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BEIJING -- China has cut state-set gasoline and diesel prices for a second time in a month as it tries to reverse a sharp slowdown in the world's second-largest economy.

Friday's reduction comes a day after an interest rate cut.

The government has promised to pump money into the economy through more spending on public works projects and by encouraging corporate investment.

The latest cut will reduce the retail price of the most commonly used grade of gasoline by just over 5 percent.

The Associated Press

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