China lowers reserve requirements after premier’s intervention
PBoC cuts reserve requirement by 50bp to boost lending, its third move this year
China’s central bank cut the reserve requirement ratio (RRR) today (September 6), after premier Li Keqiang called for lower funding costs to support the country’s slowing economy.
The People’s Bank of China (PBoC) will lower the RRR by 50 basis points for financial institutions, and further reduce the requirement by 100 basis points for smaller banks, the central bank said in a statement. The former move is effective from September 16, while the additional targeted cut will take place in two
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