BEIJING: China's central bank said Friday (April 3) it would cut the reserve requirements for smaller banks to release around 400 billion yuan (US$56.3bil) in liquidity, a move to counter the coronavirus impact on enterprises.
The People's Bank of China (PBOC) said in a statement it will also slash the interest it pays on financial institutions' excess reserves for the first time in 12 years, to encourage them to use the cash rather than store it with the central bank.
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