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A process of the catalytic cracking of a hydrocarbon, characterized in that a hydrocarbon is catalytically cracked in the presence of a crystalline aluminosilicate zeolite catalyst carrying thereon a rare earth element in an atomic ratio of 0.4 to 20 relative to aluminum in the zeolite, using a fluidized bed, a moving bed or a reactor of a transfer line reaction type being capable of conducting continuous catalyst regeneration, at a reaction temperature of 500 to 700°C, under a reaction pressure of 50 to 500 kPa, at a steam/hydrocarbon mass ratio of 0.01 to 2 and at a catalyst/hydrocarbon mass %% of 15 to 50, with a contact time of 0.1 to 10 seconds. The process allows the suppression of the formation of by-products such as an aromatic hydrocarbon and a heavy component and a selective production of light olefins such as ethylene and propylene with good stability for a long period of time.
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