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PBOC set new lending reference rates slightly lower, more cuts expected

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The People's Bank of China (PBOC) lowered its new lending reference rate slightly on Tuesday in its first announcement after launching the reform to Loan Prime Rate (LPR) mechanism on Saturday, part of its effort to bring down real interest rates for the corporate sector through market-oriented reforms.

The PBOC on Saturday designated the LPR, based on rates of open market operations such as interest rates on the medium-term lending facility (MLF), the new lending reference for . . .

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