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China’s central bank cuts benchmark interest rates

The People’s Bank of China (PBOC) said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35 percent, effective from Oct 24.

China’s central bank cut interest rates for the sixth time since November on Friday in another attempt to jumpstart a slowing economy.

The People’s Bank of China (PBOC) said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35 percent, effective from Oct 24.

The one-year benchmark deposit rate was also lowered by 25 basis points to 1.50 percent.

China has pursued its most aggressive policy easing cycle this year since the 2008/09 global financial crisis, as policymakers seek to invigorate an economy beset by weak demand and excessive industrial capacity.

European shares turned higher and the Chinese offshore yuan fell against the US dollar on Friday.

The pan-European FTSEurofirst 300 extended gains to trade 2.2 percent higher at 1,493.60, with miners jumping 2.9 percent in the minutes after the move.

China’s offshore yuan hit a four-week low of 6.3958 to the dollar after the decision.

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