2022-11-25 11:08:13

China loosens monetary policy again with 25 bp reserve ratio cut

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Investing.com
By Geoffrey Smith/Investing Com

By Geoffrey Smith

Investing.com -- China's central bank loosened monetary policy again on Friday, the latest in a string of official attempts to shore up a financial system struggling with the implosion of a housing credit bubble.

The People's Bank of China said it will cut the reserve requirement ratio for most banks by 25 basis points, freeing up around 500 billion yuan ($1=CNY7.1664) in liquidity for the economy.

It's only the second cut this year in the so-called RRR, which has a material impact on overall financial conditions in the Chinese economy, and comes hot on the heels of another round of measures to prop up ailing real estate developers. Earlier this week, major state-owned banks said they would offer nearly $200 billion in fresh credit to the sector, over half of it coming from Industrial and Commercial Bank of China, or ICBC, and Postal Savings Bank of China.

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