Six central banks have recently announced a rate cut.  These include England, USA, China and Canda.  The rate cuts range between 27 and 50 basis points (where each basis point accounts for 0.01%, thus 50 basis points represents a drop of 0.5%).  This desperate move comes in order to stabilize global markets, and to stimulate further economic growth, or at the very least hold off recession.  It is also likely to boost global stockmarkets, which have been falling drastically this week.

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