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China cuts market-based benchmark lending rates

CGTN

China on Tuesday cut its market-based benchmark lending rates, with the one-year loan prime rate (LPR) down to 3 percent from the previous reading of 3.1 percent.

The over-five-year LPR, on which many lenders base their mortgage rates, was lowered to 3.5 percent from 3.6 percent, according to the National Interbank Funding Center.

Source(s): Xinhua News Agency
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