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The People's Bank of China Sunday cut the one-year lending rate by 25 basis points to 4.85% effective June 28. The one-year deposit rate has been lowered by 25 basis points to 2%, while reserve ratios for some lenders will be cut by 50 basis points.
It was the fourth cut since November.
Shanghai Composite stock index dropped almost 20% in the past two weeks, the biggest decline since 1996.
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