China unveils plan for targeted lending to aid growth
PBOC will reduce amount of cash banks must hold as reserves from next year
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Beijing
CHINA'S central bank said it will reduce the amount of cash lenders must hold as reserves from next year, with the size of the cut linked to the flow of funding to parts of the economy where credit is scarce.
The targeted measures apply to all major banks, 90 per cent of city commercial banks, and 95 per cent of rural commercial lenders, the People's Bank of China (PBOC) said in a statement late on Saturday.
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