Freeing up Lending RatesThe People's Bank of China (PBOC), thenation's central bank, announced thatit removed the floor on commercialbanks' lending rates on July 19, 2013, ina step toward more market-driven creditpricing. Previously, the lending rate floorwas 70 percent of the benchmark lend-ing rate set by the PBOC. Taking effecton July 20, the easing measure is aimedat cutting financing costs for compa-nies, the central bank said.