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Brief
"On May 20, 2023, China cut its market-based benchmark lending rates. The one-year loan prime rate (LPR) was lowered to 3% from 3.1%, and the over-five-year LPR was reduced to 3.5% from 3.6%. This move is expected to reduce borrowing costs for businesses and individuals, improve market confidence, and support steady economic growth amidst global uncertainties."
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