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China pulls out all the stops to cushion economic blow from virus

Measures include lending rate cut and $1 billion in related spending

The Chinese government has already poured 1.7 trillion yuan of liquidity into markets to help the economy.   © Reuters

BEIJING -- China is tapping all the monetary and fiscal tools available to blunt the impact of the coronavirus outbreak on the economy, planning a cut to a benchmark lending rate and nearly $1 billion in spending for direct assistance. 

A deputy governor at the People's Bank of China signaled Friday that the loan prime rate, which applies to top-tier corporate borrowers, would likely be cut at the next announcement on Feb. 20. 

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