News Snapshot:
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 bank added. The cut, effective Dec. 15, would release a combined 1.2...
