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PBOC cut reserve requirement ratio for small banks, to release 280 billion funding

China will cut the reserve requirement ratios (RRRs) for small and medium-sized banks effective from May 15th, said the People's Bank of China (PBOC) in a statement on Monday, in a move to ramp up credit support to small companies as trade tensions intensify.

The move will release about 280 billion yuan ($41.23 billion) in long-term funding, which will be used for loans to small and private companies, said the central bank.

According to the statement, the PBOC will cut the RRR for about 1,000 rural commercial banks operating in counties to 8 per cent . . .

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