Late on Friday evening, the PBoC announced an earlier-than-expected cut in the one-year benchmark lending rate by 40bp to 5.6% and in the one-year benchmark deposit rate by 25bp to 2.75%, effective 22 November. In addition, it has also raised the ceiling of deposit rates from 1.1x to 1.2x. This is the first rate move since July 2012.
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