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Dow Jones Newswires: China’s PBOC cuts 5-year benchmark lending rate

China’s central bank on Friday lowered the benchmark lending rate for loans with tenors of five years or more, a move that could help lower financing costs for struggling businesses.

The People’s Bank of China said the five-year loan prime rate was cut to 4.45%, down from 4.6% previously.

The cut was unexpected after the central bank kept the key policy rate–the medium-term lending facility that is used to price LPR by commercial banks–unchanged earlier in May.

Meanwhile, the PBOC kept the one-year LPR unchanged at 3.7%, the central bank said in a statement.

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