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Banks in China should be more willing to lower lending rates, and a five-basis-point cut won't be enough to accelerate credit growth, Julian Evans-Pritchard, senior China economist at Capital Economics, wrote in a research note. The economist expected another 70 bps of reductions in the MLF rate by the middle of next year.

Bazi, or eight characters, refers to the eight digits denoting the year, month, day and hour of birth. It is believed to determine the natural elements present in one's life, such as metal, wood, water, fire and earth.

Batteries from the first wave of new energy cars in China will begin to reach the end of their lifecycle in a large scale this year, with up to 200,000 tons of batteries coming to an end of their lifecycle by 2020, according to MIIT.

Backed by Chinese social media and gaming titan Tencent Holdings Ltd, Douyu said it plans to use more than 60 percent of net proceeds from the offering to focus on offering premium esports content, expand the content genre, research and development of technologies, and work on big data analytics. The rest of the funds will be used to support marketing activities, working capital, and for potential acquisitions, investment and alliances.

Based on the current prices of sea cucumbers sold in the market, the loss will reach about 10 million yuan (.46 million) this year, Yu said.