2022-11-25 10:30:04

China frees up $70 billion for banks to underpin slowing economy

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Channel NewsAsia
By Cna

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BEIJING : China said on Friday it would cut the amount of cash that banks must hold as reserves for the second time this year, releasing about 500 billion yuan ($69.8 billion) in long-term liquidity to prop up the faltering economy.

The People's Bank of China (PBOC) said it would cut the reserve requirement ratio for banks by 25 basis points (bps), effective from Dec. 5. That would lower the weighted average ratio for financial institutions to 7.8 per cent, the central bank said.

The cut, which follows a 25-bp reduction in April, had been widely expected after state media on Wednesday quoted the cabinet as saying China would use timely reserve ratio cuts, alongside other monetary policy tools, to keep liquidity reasonably ample.

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