BEIJING: China's central bank said on Friday (Apr 3) it would cut the reserve requirements for smaller banks to release around 400 billion yuan ...
BEIJING: China's central bank said on Friday it would cut the reserve requirements for smaller banks to release around 400 billion yuan in liquidity, a move to counter the coronavirus impact on enterprises.
The reserve requirement ratio for small and medium-sized banks will be cut by 100 basis points over two tranches, on Apr 15 and May 15 respectively, said the PBOC. The cuts target rural financial institutions and city commercial banks that operate only at the provincial level.While China's larger enterprises have mostly resumed near-regular operations as the country eased restrictions aimed at curbing the coronavirus spread, smaller firms have been lagging behind.
The measure is also expected to benefit around 4,000 smaller banks, which make up the vast majority of institutions in the banking system.
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