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Direct impact is limited; critics' concerns focus on China's reaction and whether this move portends broader protectionist actions in the future.
Germanys Schaeuble says its a problem to explain ECB policy.
But the central bank will reduce the pace of its monthly purchases.
Central bank pushes the rate on cash parked overnight by banks down to minus 0.4%.
Eurozone manufacturing misses forecast, though still expanding; Chinese manufacturing gauge hits 12-month low.
Draghi proposes stimulus package; final decision by European Central Bank should come tomorrow.