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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 prime rate (LPR) starting August 20, which will be based . . .

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