China cuts bank reserve requirements amid power shortage, virus

Economy Society

China's central bank said Monday that it will cut the amount of cash that banks must hold as reserves, in a bid to ease credit and prop up the economy hit by power shortages and another wave of coronavirus infections. The reduction of the reserve requirement ratio by the People's Bank of China is designed to prompt financial institutions to lend more money to companies and other entities to bolster consumption and domestic investment. The reserve requirement ratio for all lenders will be lowered by 0.5 percentage point to 8.4 percent -- the first cut since July. The world's second-largest econ...

Kyodo News

Kyodo News Society Asia