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9 Jun 2014
PBOC cuts RRR for chosen lenders to boost growth
FXStreet (Barcelona) - The People's Bank of China announced its decision to reduce the reserve requirement ratio by 50 basis points for some of the banks in order to boost lending to consumers and businesses and prop up growth. The move will come into force on June 16.
The financial instituions to which the cut applies include two-thirds of city commercial banks, 80 percent of non-county level rural commercial banks and 90 percent of non-county level rural cooperative banks, according to the official statement.
China's central bank also assured that the monetary policy stance would remain prudent.
The financial instituions to which the cut applies include two-thirds of city commercial banks, 80 percent of non-county level rural commercial banks and 90 percent of non-county level rural cooperative banks, according to the official statement.
China's central bank also assured that the monetary policy stance would remain prudent.