Asia Breaking News: China Loosens Grip on Lending Rates

Wochit 0:51 mins

China's central bank is giving lenders more freedom to set interest rates in a move that could foreshadow major changes in the country's banking sector. GlaxoSmithKline, target of a bribery probe in China, said some executives may have broken the law, while rival drug maker AstraZeneca said police are investigating one of its sales representatives. A strong earthquake that shook an arid, hilly farming area in northwest China sparked landslides and destroyed or damaged thousands of brick-and-mud homes Monday, killing at least 75 people and injuring more than 400.

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