The People's Bank of China will cut its one year lending rate by 27bp to 5.31%, the deposit rate will fall to 2.25% from 2.52%, the changes are effective tomorrow. Meanwhile, PBOC will lower the reserve requirement to 15.5% from 16.0% for big banks and to 13.5% from 14.0% for smaller ones. This is the fifth cut in three month to support economy and aimed at implementing moderately eased monetary policy.
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