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China cuts borrowing rate by 25 basis points to offset deceleration in exports

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  • China cuts borrowing rate by 25 basis points to offset deceleration in exports

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    By Nick Edwards
    BEIJING | Fri Jun 8, 2012 4:08am EDT

    snip

    The People's Bank of China (PBoC) cut the official one-year borrowing rate by 25 basis points to 6.31 percent, and the one-year deposit rate by a similar amount to 3.25 percent.

    snip

    Jin Zhongia, head of a PBoC research institute, said China was concerned about Europe, China's single biggest foreign customer, especially if it slides into a recession.

    "That will affect China's net exports, and China is already experiencing a deceleration in exports," he told a conference in California.

    more....

    http://www.reuters.com/article/2012/...8570AZ20120608
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