China Breaking News: China Loosens Grip on Lending Rates

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. 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. The British pharmaceutical giant GlaxoSmithKline said that some of its executives might have broken the law in China, the company?s strongest statement yet on a bribery and corruption scandal that has engulfed its China operations.
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