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CHINA: The PBOC cut the one-year Loan Prime Rate (LPR) 5 bps to 4.15% on
Wednesday. The central bank also lowered the five-year LPR to 4.80% from the
previous 4.85%, according to a statement on its website. The LPR, a new
reference rate for bank loans, is linked to the one-year medium-term lending
facility (MLF), a rate that is viewed as being closer to market rates for
credit. The PBOC lowered the MLF rate by 5 bps to 2.50% early November.