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China in credit crunch as Beijing targets debt

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A squeeze on credit in China that is rattling world markets appeared to ease slightly as a key interbank interest rate edged lower, prompting speculation the country's central bank may have intervened to calm ravaged nerves. Analysts say the spike in the rates that banks charge each other for short-term borrowing is part of a deliberate, belated effort to trim off-balance-sheet lending that...

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