China cuts bank reserve requirements to shore up slowing economy

Politics Economy Society

China's central bank said Friday it will cut the amount of cash that banks must hold as reserves from Dec. 5 in a bid to ease credit and shore up the economy that has been slowing amid the nation's strict "zero-COVID" policy. The 0.25 percentage point reduction of the reserve requirement ratio to 7.8 percent by the People's Bank of China will pump about 500 billion yuan ($69.7 billion) of liquidity into the economy. It will be the second cut this year following the 0.25-point reduction in April. The measure is aimed at keeping liquidity reasonably ample and lowering comprehensive financing cos...

Kyodo News

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