China Cuts Banks' Reserve Ratio as Economic Growth Sputters
China's central bank said on Friday it would cut the amount of cash that banks must hold as reserves by 50 basis points, the second reduction this year aimed at bolstering faltering economic growth. The move takes effect Friday and was flagged on Tuesday by PBOC Governor Pan Gongsheng at a press conference,
PBoC cuts seven-day reverse repo rate to 1.5% from 1.7%, trims Reserve Requirement Ratio (RRR) by 50 bps
The People's Bank of China (PBOC) cut the seven-day repo rate to 1.5% from 1.7% on Friday. Additionally, the Chinese central bank announced to cut the amount of the reserve requirement ratio (RRR), the required minimum capital banks must hold in reserve, by 50 basis points (bps).
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