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China slashes reserve requirements for small banks to support virus-hit economy

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The People's Bank of China (PBOC) said on its website it will cut the reserve requirement ratio (RRR) for those banks by 100 basis points (bps), in two phases. The first cut of 50 bps will be effective as of April 15, and second cut of another 50 bps will be effective as of May 15.

[BEIJING] China's central bank said on Friday it was cutting the amount of cash that mid-sized and small banks must hold as reserves, releasing around 400 billion yuan (S$80.94 billion) in liquidity to shore up the economy, which has been badly jolted by the coronavirus crisis.

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