Dazzling lights, lanterns usher in Mid-Autumn Festival celebrations across China

Cities across China have come to life with dazzling displays of lanterns and lights in the lead-up to the traditional Mid-Autumn Festival.

The Mid-Autumn Festival is a significant traditional Chinese festival celebrated on the night when the moon reaches its fullest and brightest on the 15th day of the eighth month on the Chinese lunar calendar. This year's Mid-Autumn Festival will fall on Sept 17.

During the festival, family members would come together, share mooncakes while admiring the moon, and light up lanterns to enjoy the happiness of family reunion.

In Nanning City of Guangxi Zhuang Autonomous Region, a vibrant light show in Qingxiu Mountain captivated both residents and tourists alike as they enjoyed lights in shapes of exotic flowers, fire flies, dragons and swans.

"Seeing all these beautiful lights in Qingxiu Mountain is thrilling. We took so many great photos and had a wonderful time," said Shandong tourist Li Xianyan.

At the Beijing Garden Expo Park, more than 200 creative lanterns have been installed to celebrate both Mid-Autumn Festival and National Day Holiday. Incorporating traditional crafts of the time-honored Zigong Lanterns with Beijing characteristics, the lantern festival will run from Sept 15 to Oct 31.

"It's wonderful to have such a large lantern festival in Beijing. The variety of elements is amazing, and it's so nice to celebrate this traditional holiday here with my friends," said local resident Niu Chunchen.

In Chongqing, a light show on water is alluring scores of people with a colorful display of creative designs resembling a fish, rabbit, and the moon. This event will run until December, offering a breathtaking view of the city's skyline reflected in the shimmering water.

Dazzling lights, lanterns usher in Mid-Autumn Festival celebrations across China

The U.S. Federal Reserve on Wednesday slashed interest rates by 50 basis points amid cooling inflation and a weakening labor market, marking the first rate cut in over four years.

"The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance," the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.

"In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent," the FOMC said.

This signals the start of an easing cycle. Starting from March 2022, the Fed had raised rates consecutively for 11 times to combat inflation not seen in forty years, pushing the target range for the federal funds rate up to between 5.25 percent and 5.5 percent, the highest level in over two decades.

After maintaining rates at the high level for over a year, the Fed's tight monetary policy faced pressure to pivot due to the easing of inflationary pressures, signs of weakening in the job market, and slowing economic growth.

U.S. Fed slashes rates by 50 basis points, first rate cut in four years