China has cut two benchmark lending rates for the first time in almost a year as policymakers push ahead with cautious monetary support in an effort to spur more robust growth in the country’s struggling economy.The one-year loan prime rate (LPR) was reduced by 10 basis points to 3.55 per cent, the People’s Bank of China said on Tuesday, while the five-year equivalent rate was lowered to 4.2 per cent from 4.3 per cent.
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