This undated photo shows the headquarter of the People's Bank of China in Beijing. (PHOTO / XINHUA)
BEIJING – China's central bank Tuesday announced a cut to the reserve requirement ratio for most commercial and overseas banks.
The moves aims to create a sound environment for high-quality growth and supply-side reform
PBOC
The People's Bank of China (PBOC) will cut the reserve requirement ratio (RRR) for most of the banks by 1 percentage point from April 25 to boost small businesses, and to improve financial stability and liquidity.
"The moves aims to create a sound environment for high-quality growth and supply-side reform," according to the PBOC website.
The money released will be used to pay back medium-term lending facilities.
The RRR cut comes after GDP expanded 6.8 percent year on year in the first quarter, unchanged from the previous quarter.
ALSO READ: Supply-side reform main task of China's economic policy
Copyright 1995 - 2024. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily. Without written authorization from China Daily, such content shall not be republished or used in any form.