Canadian banks match central bank cut

Canada's biggest banks have lowered lending rates by 25 basis points in spite of speculation before Tuesday's rate cut that they would fail to follow a central bank move.

The Globe and Mail, a Canadian newspaper, reported last week that unnamed commercial bank executives had said that the surge in borrowing costs resulting from the global credit crunch meant it could be difficult for them to match a central bank cut.

However, the Royal Bank of Canada, the country's biggest bank, along with co

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