Pedestrians wearing face masks ride an escalator near an overpass with an electronic board showing the Shanghai and Shenzhen stock indexes. China's central bank said on Friday (March 13) it would cut the reserve requirements for banks, releasing some 550 billion yuan (US$79bil) in liquidity as the country fights to control the economic fallout of the Covid-19 (coronavirus) outbreak. - Reuters
BEIJING: China's central bank said on Friday (March 13) it would cut the reserve requirements for banks, releasing some 550 billion yuan (US$79bil) in liquidity as the country fights to control the economic fallout of the Covid-19 (coronavirus) outbreak.
The People's Bank of China (PBoC) said in a statement that it would cut the reserve requirement ratio (RRR) on March 16 by 50 to 100 basis points for banks that meet its assessment criteria, reducing the amount of cash they must hold.
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