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China cuts rates for fifth time
Published on 23 Dec. 2008 12:57 AM IST
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China cut interest rates for the fifth time in three months to support the world's fourth-biggest economy. The key one-year lending rate will drop to 5.31 % from 5.58 % the People's Bank of China said on its Web site today. The deposit rate will fall by the same amount to 2.25 % from 2.52 %. The changes are effective tomorrow. It also cut the proportion of deposits that lenders must set aside as reserves by 50 basis pts to 15.5 % from 16 % for big banks and to 13.5 % from 14 % for smaller ones.

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