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China has sought to calm its panic-stricken stock markets by cutting interest rates and loosening constraints on bank lending after a second day of plunging share prices.

Yet those gains would come at the expense of manufacturers in other countries, including the United States and Europe.

Echoing similar sentiments to those expressed in a statement released Wednesday evening, the bank noted that a strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves will provide “strong support” to the exchange...