China cuts interest rates for fifth time in 9 months to spur slowing economy
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China has cut interest rates for fifth time in nine months in a new effort to shore up slowing economic growth.
The central bank said Tuesday said the benchmark rate for a one-year loan will be cut by 0.25 percentage point to 4.6 percent and the one-year rate for deposits will fall by a similar margin to 1.75 percent.
The bank also increased the amount of money available for lending by reducing the minimum reserves banks are required to hold by 0.5 percentage point.
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The moves had been anticipated by financial analysts after exports, manufacturing and other economic indicators weakened by larger margins than expected.