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People's Bank of China Cuts Interest Rates

Economy

In an apparent reaction to falls in the Shanghai Composite, China's central bank has cut benchmark one-year lending rates by 0.25 percentage points on Saturday to 4.85%, the fourth such cut since November, Reuters reports. Lending rates are now 1.15 percentage points below the year-ago level. The central bank also cut one-year deposit rates by 0.25 percentage points, to 2.0%, and the required reserve ratio for larger banks by 1.0 percentage point to 18.5%.