Global central banks went on the offensive against the faltering world economy, cutting interest rates and increasing bond buying as the recent round of international stimulus gathers pace.

In a 45-minute span, the European Central Bank and People's Bank of China cut their benchmark borrowing costs, while the Bank of England raised the size of its asset-purchase program. They acted two weeks after the Federal Reserve expanded a program lengthening the maturity of bonds it holds and Chairman Ben S. Bernanke indicated more measures will be taken if needed.

“The actions had the look and feel of a coordinated global easing campaign,” said Nick Kounis, head of macro research at ABN Amro Bank NV in Amsterdam. “The central banks are trying to arrest the synchronized slowdown in global economic growth that has taken shape.”

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