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China cuts interest rates by 108 basis points
Published on: 2008-11-28
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Central bank cut banks' benchmark lending and deposit rates by 1.08% point on Wednesday, the fourth cut since mid-September. The cost of one-year bank loans will fall to 5.58% from 6.66%, while the benchmark one-year deposit rate falls to 2.52% from 3.60%, the People's Bank of China said. The cut in interest rates takes effect on Thursday, the central bank said on its website. The cut in the lending rate was the biggest since October 1997.
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