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China's Central Bank Cuts Interest Rates In Growth Move
China's interest rate cuts are aimed at
boosting slowing economic growth.
The Chinese central bank has cut its benchmark interest rates for the second time in two months, in a bid to arrest slowing economic growth.
Benchmark lending rates will be cut from 6.31% to 6%, while deposit rates will fall from 3.25% to 3%.
The rate cuts will come into force on Friday and closely follow on from the last cuts made on 7 June.
Before these moves, the People's Bank of China had not cut interest rates since 2008.
Commenting on the move, Rupert Armitage, director at Shore Capital, said: "China are cutting rates because they're experiencing a slowdown.
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