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Economy

Four Asian central banks cut rates as virus rips markets

Indonesia, Australia, Philippines and Taiwan all move even as currencies slide

JAKARTA/MANILA -- Indonesia, Australia, the Philippines and Taiwan cut benchmark rates on Thursday, in moves aimed at stemming the economic hit from the new coronavirus pandemic that is battering global markets.

Bank Indonesia lowered its seven-day reverse repo rate by 25 basis points to 4.50% -- its second cut in as many months, and a step seen by 12 of 21 analysts surveyed by Reuters.

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