Change in law has created new wave of holiday homeowners
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The People's Bank of China decided to cut the benchmark one-year deposit rate by 27 basis points to 3.60 percent, it said in a statement on its website.
The one-year lending rate was also reduced by 27 basis points to 6.66 percent, the bank said.
Stock markets soared in Asia and Europe on Wednesday ahead of an expected rate cut in the United States and as hopes rose of a similar move in Japan.
When China last cut interest rates early this month, speculation was ripe that the decision was made in coordination with other central banks, which also slashed rates at the same time.
This is the third time in just over six weeks that China has cut interest rates.
It first reduced its benchmark one-year lending rate to 7.20 percent in September, the first such cut since 2002 in a strong indication that it was concerned about the need to spur growth.
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