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PBOC surprises market by keeping benchmark rate unchanged, market still expect lower rate ahead

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The People's Bank of China surprised the market by keeping the new benchmark rate for banks' lending unchanged in October, defying expectations of a cut, despite the latest data showed the economic growth slowed to its slowest pace in almost three decades.

The one-year loan prime rate (LPR) was set at 4.2 per cent, according to a statement from the People’s Bank of China on Monday, compared to the 4.15 per cent . . .

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