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China lowered reference rate for bank loans, soothing market nerves


The People's Bank of China lowered the new reference rate for bank loans, indicating that monetary conditions remain loose after weak economic data spooked investors.

The one-year Loan Prime Rate (LPR) - reference rate for bank loans was set at 4.2 per cent, down from 4.25 per cent in August, according to a statement from the central bank on Friday, in line with market expectations. The five-year LPR was kept unchanged at 4.85 per cent . . .

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