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BEIJING (MNI)

The People's Bank of China lowered its one-year benchmark Loan Prime Rate (LPR) by 5 basis points on Monday, in a move that is largely expected by the market following a second RRR cut this year that took place this month.

The five-year LPR was kept unchanged at 4.65%, according to a statement on the central bank's website.

The previous LPR cut took place in April 2020 following the initial coronavirus outbreak, which saw GDP contracted 6.8% in Q1. Then the one-year LPR was cut by 20 bps and the five-year by 10 bps, both the biggest cuts since the LPR mechanism was reformed in August 2019.

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