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Interest Rates
In July 2008, the PRC shifted its focus from fighting inflation to maintaining growth. The People’s Bank of China cut interest rates for the first time in 6 years on 15 September 2008 and a second time on 8 October 2008, lowering the one year lending rate to 6.93%. China adjusts interest rates in increments that are divisible by nine to make it easier for lenders who work off a 360-day banking year.
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