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China cuts reserve requirement ratio of banks

A man walks past the People’s Bank of China (PBOC) building in Beijing, China on July 20, 2022.

Jiang Qiming | China News Service | Getty Images

China’s central bank said on Friday it would cut for the second time this year the amount of cash banks must hold as reserves, by about 500 billion yuan ($69.8 billion) in long-term liquidity to shore up the slowing economy. Issuing in

The People’s Bank of China (PBOC) said it will cut the reserve requirement ratio (RRR) for banks by 25 basis points (bps) with effect from December 5.

This was followed by a 25 bp cut for all banks in April.

The world’s second-largest economy suffered a widening recession in October and a recent spike in COVID-19 cases has raised concerns about its growth in the last quarter of 2022 amid a slump in assets and weakening global demand for Chinese goods. Worry has deepened.

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