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UPDATED: China moves closer to interest rate reforms to lower borrowing cost amid weak data

China is moving closer to the long-awaited interest rate reforms to help lower borrowing cost for the corporate sector after the weaker-than-expected data in July deepened concerns that the world's second largest economy is slowing further despite a slew of boosting measures introduced in the past one year.

The People's Bank of China (PBOC) said the national interbank funding center will start announce new loan . . .

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