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"HONG KONG (MarketWatch) -- Chinese stocks were upgraded to market-weight from underweight Wednesday by Macquarie Securities a day after the People's Bank of China lifted one-year lending and deposit rates by 0.25 percentage points. Tuesday's interest-rate hike, the fourth such move by the PBOC in six months, takes the market "close enough to the end of China's late tightening cycle to mitigate a key policy overhang," Macquarie strategists led by Michael Kurtz wrote in a report."

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