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Pedestrians along the near-empty Nanjing Road shopping street in Shanghai, China.

China signaled it will step up monetary stimulus for the economy, acknowledging that domestic and global risks are now bigger than previously expected.

Officials will use multiple monetary policy tools at an “appropriate time” to support the real economy, according to a readout from a meeting of the State Council chaired by Premier Li Keqiang on Wednesday. The “complexity and uncertainty of domestic and foreign environments have intensified, and some have exceeded expectations,” the meeting said.