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The People's Bank of China (PBoC) lowered its seven-day Standing Lending Facility (SLF) interest rate for local financial institutions to 3.25% from 5.5%. The overnight SLF rate for some local financial institutions was cut to 2.75% from 4.5%.
The central bank hopes with this decision to stimulate the country's economy.
The interest rate cut would be effective from November 20.
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