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China Takes ‘Riskiest’ Step by Ending Deposit-Rate Controls

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What China's Rate Cut Means for U.S. Investors

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China scrapped a ceiling on deposit rates, tackling what the central bank has called the “riskiest” part of freeing up the nation’s interest rates.

The move came as the central bank cut benchmark rates and banks’ reserve requirements to support a faltering economy. The changes take effect on Saturday, the People’s Bank of China said in a statement on Friday.