China central bank to cut reserve requirement ratio for second time this year

BEIJING: China's central bank said on Monday it would cut the amount of cash that banks must hold as reserves, its second such move this year, releasing 1.2 trillion yuan in long-term liquidity to bolster slowing economic growth amid persistent COVID-19 cases.

The People's Bank of China (PBOC) said on its website it would cut the reserve requirement ratio (RRR) for banks by 50 basis points (bps), effective from Dec. 15.