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China central bank cuts interest rate by 25 basis points

China's central bank is to reduce rates by 25 basis points to stimulate growthChina’s central bank said Saturday it would again reduce interest rates by 25 basis points, its fourth such cut since November as it tries to boost growth. The benchmark interest rate would be reduced to 4.85 percent and the deposit rate to 2 percent from Sunday, the People’s Bank of China (PBoC) said on its website. The PBoC also announced that it will cut the reserve requirement ratios (RRR) by 50 basis points for commercial banks serving rural areas, agriculture and small businesses.

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