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(From AFX Europe (Focus))
BEIJING (XFN-ASIA) - The People's Bank of China will cut interest rates for the third time in six weeks as part of the government's multi-pronged strategy to shore up domestic growth in the face of the global financial crisis and sharp economic slowdown.
The central bank said that it will cut the benchmark one-year lending and deposit rate by 27 basis points, effective tomorrow.
The cuts will leave the deposit rate at 3.60 pct and the lending rate at 6.66 pct, according to a statement on the central bank's website.
The central bank announcement came hours before the US Federal Reserve is expected to announce its …