(Reuters Breakingviews) - The first cuts can be the shallowest. Beijing trimmed ...
An investor watches a market board indicating the Chinese stock market index in a trading house in central Beijing November 3, 2008. China stocks were still down slightly Monday after a third rate cut in six weeks and a barrage of initiatives to shore up banks and prime-pump sputtering economies, after world stock markets had their worst month ever falling 20 percent in October alone.
China’s central bank said last month it would improve the mechanism used to establish the Loan Prime Rate, a move that paves the way towards lower borrowing costs. Friday marked only the second monthly reading of the revamped number, based on what Chinese commercial banks charge clients. In the end, there was a modest reduction of 5 basis points for the one-year rate, while the five-year level was unchanged at 4.85%.
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