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China's rate cut won't have desired effect

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China's economy is in the throes of financial adolescence. One consequence is that, when faced with surprises like the cut in interest rates on Nov 21, it doesn't always do what it is told.

CHINA's economy is in the throes of financial adolescence. One consequence is that, when faced with surprises like the cut in interest rates on Nov 21, it doesn't always do what it is told. If all credit in China still came from banks, as it mostly did a decade ago, a reduction in the benchmark

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