PBOC slashes reserve requirement for small banks, cuts interest rate on excess reserves for first time since 2008

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The People's Bank of China said on Friday it will slash the amount of cash that mid-sized and small banks must hold as reserves, releasing about 400 billion yuan ($56.38 billion) in long-term funding to shore up the economy hard hit by the coronavirus outbreak.

The central bank said it will cut the reserve requirement ratio (RRR) for those banks by 100 basis points (bps), in two phases. The first cut of 50 bps will be effective as of April 15, and second cut of another 50 bps will be effective as of . . .

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