China’s central bank said on Friday it was cutting the ratio of cash that banks must hold as reserves by 100 basis points (bps), as it looks to reduce the risk of a sharper slowdown in the world’s second-biggest economy.
The cut in banks’ reserve requirement ratios (RRR) is the first in 2019 and the fifth in a year by the People’s Bank of China (PBOC) as the economy faces its weakest growth since the global financial crisis and mounting pressure from U.S. tariffs.
The reduction is being made in two equal stages, effective Jan . . .
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