China’s central bank made a long-awaited move at the weekend to support lending in the country’s slowing economy with a cut to the amount of money banks must hold as reserves.
The People’s Bank of China said it would lower the reserve requirement ratio by 50 basis points from February 24. The cut will bring the ratio down to 20.5 per cent for the largest banks, and is expected to free up about Rmb400bn ($64bn) for new lending.
The decision is part of Beijing’s efforts to engineer a soft landing for the economy as growth slows while inflation remains stubbornly high.
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