Citi trims China's 2023 growth forecast on 'confidence trap'

Citi analysts cut forecasts for China's 2023 economic growth, saying the world's second-biggest economy is on the brink of a "confidence trap" as the initial COVID-19 reopening impulse starts to fade. The U.S. investment bank trimmed China's full-year gross domestic product growth forecast to 5.5% from 6.1% previously, according to a note published on Tuesday.

To shore up the slowing recovery, China on Tuesday cut its key lending benchmarks, the first such reductions in 10 months.