Floor on lending rates axed by PBOC
By Wang Xiaotian | China Daily | Updated: 2013-07-20 07:19
Move aimed at deepening reforms and cutting firms' financing costs
China scrapped the lower limit on bank lending rates on Friday, in a major step toward liberalizing interest rates.
The move is also aimed at cutting financing costs for businesses amid a deepening slowdown in the world's second-largest economy.
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