China cuts bank reserve ratio to boost growth
China's central bank on Saturday announced to lower banks' reserve requirement ratio (RRR), underling its efforts to ease short-term credit crunch and secure growth in the wake of a lacklustre external market.
The cut, the second of its kind in three months, will drop the RRR by 50 basis points to 20.5 percent for large commercial banks and 17 percent for mid- and small-sized banks, the People's Bank of China (PBOC) on Saturday.
The move will become effective on Feb. 24 and release an estimated 400 billion yuan (63.54 billion U.S. dollars) in capital into the market.
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