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China cuts benchmark lending rates by 25 basis points

The move was expected. China's central bank governor indicated last week that the loan prime rates would be lowered.
Business - CNBC - October 21
China’s Steel Demand Has Shrunk to Less Than Half Global Total

World - Yahoo News - October 21
China cuts interest rates in battle to hit year-end growth target

Beijing steps up efforts to reboot economy amid mounting pressure to achieve goal of about 5% growth
World - Financial Times - October 21

China cuts benchmark lending rates by 25 basis points