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China cuts benchmark rate for second time this year

Cut of 20 basis points in prime lending rate to 3.85% in line with forecasts

The headquarters of the People's Bank of China in Beijing. While the country is restarting its economic engines, analysts say activity could take months to return to pre-crisis levels.   © Reuters

SHANGHAI (Reuters) --China cut its benchmark lending rate as expected on Monday to reduce borrowing costs for companies and prop up the coronavirus-hit economy, after it contracted for the first time in decades.

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