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China cuts interest rates again

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China cuts interest rates again

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China has cut its interest rates for the third time in six months in a bid to prevent 2015 from having the worst economic figures in a quarter-century.

The benchmark one-year lending rate now stands at 5.1%, but analysts say further cuts are expected this year as Beijing tries to boost growth.

Demand for Chinese goods remains soft both at home and abroad, while domestic prices remain low and interest rates remain higher than the historical average.

A cooling property market and slowing growth in manufacturing and investment have hurt the Chinese economy.