BEIJINGCity, Muharram 29, 1436, Nov 22, 2014, SPA -- China's central bank unexpectedly slashed interest rates on Friday to re-energize the world's No. 2 economy, joining a growing list of major economies that are trying to encourage growth in the face of a global slowdown, AP reported. On top of the rate cut, Chinese authorities promised to inject credit into the financial system if needed. Meanwhile, the president of the European Central Bank said Friday he was ready to step up stimulus for the 18-country eurozone economy, whose performance continues to disappoint. And Japan's government this week delayed a tax increase after the country slipped back into recession. That move came after Japan's central bank ramped up its stimulus efforts at the end of last month. News of China's actions and the ECB's promises triggered a surge in stock markets, particularly in Europe. Germany's DAX rose 2.6 percent, while the Dow gained 0.7 percent. Asian stocks had closed before the Chinese announcements. Friday's moves highlighted an increasing divide in the global economy. The United States is showing signs of steady growth, prompting the Federal Reserve to rein in its stimulus efforts. So far, the U.S. has escaped any drag from the slowdown overseas. Fed policymakers said at a meeting last month that the impact on the U.S. would be "quite limited." Jay Bryson, a global economist at Wells Fargo Securities, said the U.S. is "relatively insulated" from overseas developments. Exports are a smaller source of growth than in other developed nations and many major employers, such as health care and education providers, are largely unaffected by overseas activity. -- SPA 00:10 LOCAL TIME 21:10 GMT www.spa.gov.sa/w