Another rate cut hinted an imminent completion of interest rate liberalization

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The People’s Bank of China (PBoC) cut the benchmark interest rates last Sunday, the third time since November 2014 and effective from May 11. Both the one-year benchmark lending and deposit rates were trimmed by 25 bps (to 5.1% and 2.25% respectively). The PBoC expanded the permissible floating range of customer deposit rates to 50% above the benchmark rates.

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