News Snapshot:
“#Dow Jones Newswires: People’s Bank of China to cut bank reserve requirements” BEIJING–China’s central bank said Monday that it would lower the amount of funds banks have to set aside, replenishing liquidity into the financial system in a bid to support the economy and cut financing costs for businesses. The People’s Bank of China said in a statement that it would cut banks’ reserve requirement ratio by 0.5 percentage point, which will bring the weighted average RRR level for the whole banking system to 8.4%. The cut won’t apply to county-level rural lenders whose RRR stands at 5%, the central...
