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  • Chinese Banks Slash Lending Rates to Bolster Ailing Economy

    From bnnbloomberg.ca

    China cut its benchmark lending rates after the central bank lowered interest rates at the end of September as part of a series of measures aimed at reviving economic growth and halting a housing market crash. The one-year loan prime rate was lowered to 3.10% from 3.35%, while the five-year LPR was reduced to 3.60% from 3.85%. The size of the cut is at the upper bound of the 20-25 basis points range forecast by People’s Bank of China Governor Pan Gongsheng in speeches since late September, and bigger than the 20 basis point reduction projected by all 17 economists surveyed by Bloomberg. The cuts to the LPR — ... (full story)

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