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MNI BRIEF: PBOC Cuts RRR By 25 Bp As Covid Clouds Recovery

MNI (Singapore)
MNI (Beijing)

China's central bank cuts the reserve requirement rate to free up bank lending as Covid outbreaks again cloud recovery.

True

The People's Bank of China (PBOC) cut the reserve ratio requirement for banks on Friday, releasing CNY500 billion long-term funds to boost confidence as fresh Covid outbreaks raise concerns about the economic outlook. The rate was cut by 25bp for most banks whose RRR is higher than 5%, with an aim of maintaining "ample liquidity and a reasonable growth in money supply and credit”, the PBOC said in a statement on its website.

MNI reported earlier this month that the PBOC would cut the RRR in near term (See: MNI PBOC WATCH: Targeted Easing To Boost Credit, RRR Cut Seen)

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The People's Bank of China (PBOC) cut the reserve ratio requirement for banks on Friday, releasing CNY500 billion long-term funds to boost confidence as fresh Covid outbreaks raise concerns about the economic outlook. The rate was cut by 25bp for most banks whose RRR is higher than 5%, with an aim of maintaining "ample liquidity and a reasonable growth in money supply and credit”, the PBOC said in a statement on its website.

MNI reported earlier this month that the PBOC would cut the RRR in near term (See: MNI PBOC WATCH: Targeted Easing To Boost Credit, RRR Cut Seen)

Keep reading...Show less