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China Cuts Loan Prime Rate To Support Credit Growth

China reduced its new benchmark lending rates, as widely expected, to reduce lending costs and underpin credit growth. The one-year loan prime rate was lowered to 4.15 percent from 4.20 percent. Likewise, the five-year loan prime rate was cut to 4.80 percent from 4.85 percent, which was the first reduction since the new rate was introduced.
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