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It's even harder to gauge China's monetary policy now

Latest interest-rate liberalisation step confuses analysts

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China is retooling its monetary policy framework at a time of slowing economic growth and capital outflows.

CHINA'S monetary policy just got even harder to follow. For years, the nation's central bank had set commercial banks' deposit rates, along with a floor for lending rates - creating a subsidised system that channelled savers' cash into state-guided borrowing. That's now gone, with a Friday

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