Is Page Rank important for Search Engine Optimisation?

Page rank used to be vitally important for SEO as it was an indicator of how Google viewed and positioned your website. However our friends at Google have told us that Page Rank no longer has a direct correlation to a website’s search ranking; however it does have a bearing on how much trust Google places on a particular domain. Logically, trusted domains rank higher which means that Page Rank is still somewhat important - however in of itself, Page Rank is not essential for SEO. 
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