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22.12 - 18:07
China’s Central Bank Cuts Reserve Requirement Ratio for Banks
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BEIJING—China’s central bank said Monday it would lower the amount of funds banks have to set aside, replenishing liquidity into the financial system in a bid to support the economy and cut financing costs for businesses.
The People’s Bank of China said in a statement that it would cut banks’ reserve requirement ratio by 0.5 percentage point, which will bring the weighted average RRR level for the whole banking system to 8.4%. The cut won’t apply to county-level rural lenders whose RRR stands at 5%, the central bank added.
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