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BEIJING (MNI) - The People's Bank of China (PBOC) will cut the reserve
requirement ratios of financial institutions across the board by 0.5 percentage
point from Jan 6, according to a statement on the central bank's website.
The countercyclical rate cut will release CNY800 billion long-term funds
and is intended to support the real economy and lower social financing costs,
the PBOC said.
The central bank said it will continue with a stable and prudent monetary
policy, maintain appropriate flexibility and refrain from credit flooding.
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