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Vipshop (VIPS) Stock Closed Higher on China Interest Rate Cut

NEW YORK (TheStreet) -- Vipshop (VIPS - Get Report) stock closed up by 0.88% to $19.53 on Friday, after China's central bank cut interest rates and lowered banks' reserve requirements as it attempts to boost the struggling economy.

Vipshop, based in Guangzhou, China, operates as an online discount retailer for brands in China.

The one-year lending rate will be decreased to 4.35% from 4.6%, effective Saturday, and the one-year deposit rate will fall to 1.5% from 1.75%, according to Bloomberg. Reserve requirements were reduced by 50 points, and by an additional 50 point reduction for certain institutions.

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This will be the government's sixth interest rate cut and fourth reserve requirement reduction since November, according to the Wall Street Journal.

However, the stimulus has so far not sparked a financial turnaround for the country. China's third-quarter growth was 6.9%, its slowest rate since 2009, according to data released on Monday...