China central bank says to cut reserve requirements for small and medium banks

May 06, 2019, 08.53 AM
China central bank says to cut reserve requirements for small and medium banks


Source: ReutersEditor: Herlina Kartika Dewi

MACROECONOMICS - BEIJING. China's central bank said on Monday it will lower the reserve requirement ratio for small and medium-sized banks effective on May 15, marking the latest policy support measure by Beijing to support companies struggling amid an economic slowdown.

The People's Bank of China said in a statement that the reduction will release about 280 billion yuan ($41.23 billion) in long-term funding, which will be used for loans to small and private companies. ($1 = 6.7908 Chinese yuan renminbi) 


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