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Fourth interest cut in six weeks for China

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Fourth interest cut in six weeks for China

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China’s central bank has cut key lending and deposit interest rates by more than 1 percentage point – the fourth time it has cut rates since the middle of September. The cost of one year bank loans will fall to 5.58 per cent – one-year deposit rates will drop to 2.52 per cent. The People’s Bank of China said the move – which is the biggest cut since October 1997 – is to ensure there is enough liquidity in the banking system for the economy to grow.