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Floor on lending rates axed by PBOC

By Wang Xiaotian | China Daily | Updated: 2013-07-20 07:19

Move aimed at deepening reforms and cutting firms' financing costs

China scrapped the lower limit on bank lending rates on Friday, in a major step toward liberalizing interest rates.

The move is also aimed at cutting financing costs for businesses amid a deepening slowdown in the world's second-largest economy.

Floor on lending rates axed by PBOC

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