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PBOC To Cut RRR Timely: State Council

MNI (Singapore)

The People’s Bank of China will cut the reserve requirement ratio in a timely manner to to help banks provide credit to increase financial support for industries and small and medium enterprises affected by the pandemic, according to a State Council executive statement late Wednesday. China will boost consumption, promote spending on services such as medical and health care, and encourage purchases of cars and home appliances. Local authorities should gradually increase the quota for car purchases instead of adding new restrictions, the statement said.

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