People's Bank of China reduces bank reserve requirements

Beijing-China's central bank said Monday that it would replenish liquidity in the financial system to reduce the amount of money banks have to secure, support the economy and reduce corporate funding costs. The People's Bank of China announced in a statement that it would reduce the bank's reserve requirement ratio by 0.5 percentage points to a weighted average RRR level of 8.4% for the entire banking system. The central bank added that this reduction does not apply to local lenders with a RRR of 5% at the county level. According to the PBOC, the cut, which came into effect on…