China's rate cuts to reduce financing costs for small businesses

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02:50

The People's Bank of China, the central bank, cut its benchmark lending rates for a second time this year to shore up growth. The PBOC cut the one-year loan prime rate by 5 basis points to 3.65 percent and the five-year rate for mortgage lenders by 15 basis points to 4.3 percent. The move is expected to benefit more small-and-medium sized companies and boost consumption.

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