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China cuts key interest rate in bid to revive economic growth

2023-08-21 09:48
China has cut one of its main benchmark lending rates for the second time this year, in a bid to revive economic growth in the world's second largest economy.
China cuts key interest rate in bid to revive economic growth

China has cut one of its main benchmark lending rates for the second time this year, in a bid to revive economic growth in the world's second largest economy.

The People's Bank of China trimmed on Monday its one-year loan prime rate (LPR) by 10 basis points from 3.55% to 3.45% and did not change the five-year rate, which stands at 4.20%.

This is a developing story and will be updated.