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


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.


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.