China will cut banks' reserve requirements, taxes: Premier Li
[BEIJING] China will cut banks' reserve requirement ratios (RRRs), taxes and fees, Premier Li Keqiang said on Friday, as the world's second-largest economy slows.
The measures will also included targeted RRR cuts aimed at supporting small and private companies, Mr Li was quoted as saying in a statement on the website of the Chinese government.
China will also step up "countercyclical adjustments" of macro policies and further cut taxes and fees, Mr Li said.
Mr Li made the statement at a meeting with officials of the country's banking and insurance regulator after visiting Bank of China, Industrial and Commercial Bank of China and China Construction Bank.
Also present were Vice Premier Liu He and Xiao Jie, secretary-general of the cabinet, or the State Council.
China cut reserve ratios four times last year and further reductions had been widely expected in 2019.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japan’s yen up sharply after hitting 34-year low against the dollar
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea