Longman Dictionary of Contemporary English homepage

it's
     
it's
1XX the short form of 'it is':
It's raining.
2XX a short form of 'it has':
It's been cloudy all day.
! Do not confuse it's and its. Its (without an apostrophe) is a possessive form like my, his, their etc.
Definition from the Longman Dictionary of Contemporary English
Advanced Learner's Dictionary.

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