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China Cuts Lending Rate For Second Consecutive Month

China reduced its benchmark lending rate for the second straight month as the economic growth weakened at the end of 2021. The one-year loan prime rate was reduced to 3.70 percent from 3.80 percent. This was the second consecutive reduction after a 5 basis point cut in December. The five-year LPR, the benchmark for mortgage rates, was lowered to 4.60 percent from 4.65 percent.
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