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A process for producing an olefin which comprises catalytically cracking a hydrocarbon feedstock, wherein a pentasyl zeolite containing a rare earth element and containing manganese and/or zirconium is used as a catalyst. With this catalyst, a gaseous or liquid hydrocarbon feedstock can be catalytically cracked at a lower temperature than in conventional processes. By-products such as aromatic hydrocarbons and heavy ingredients are inhibited from generating. Light olefins such as ethylene and propylene can be selectively and stably produced in a high yield over long.
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