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China lowered reference rate for bank loans, soothing market nerves

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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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