China's cabinet tells banks to sacrifice 1.5 trillion yuan profits to support enterprises, signals reserve ratio cuts

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China's State Council, the country's cabinet, is telling commercial banks to sacrifice part of their profits to enterprises, in a move to help businesses hard hit by the coronavirus outbreak and shore up the economy.

China will push financial institutions to sacrifice a total of 1.5 trillion yuan profits to enterprises in various sectors through guiding banks' lending rates and bond yields lower further, deferring loan repayment for small and micro companies, granting guarantee-free loans to small and micro firms and reducing banks fees," according to a cabinet meeting chaired by Premier Li . . .

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