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China's Central Bank Cuts Rates

WSJ - In an unprecedented easing move, China's central bank cut both its benchmark interest rates and the amount of reserves certain banks are required to hold.

The People's Bank of China cut its one-year benchmark lending rate by a quarter of a percentage point to 4.85%, and its one-year deposit rate by the same scale to 2%.

It also lowered the reserve requirement by half a percentage point for banks with sizable lending to farmers and small businesses.

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