BUSINESS China to cut RRR for small and medium-sized banks

BUSINESS

China to cut RRR for small and medium-sized banks

Xinhua

10:16, May 06, 2019

BEIJING, May 6 (Xinhua) - China will apply a relatively low required reserve ratio (RRR) for some small and medium-sized banks starting from May 15, the central bank announced Monday.

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(Photo: VCG)

About 1,000 county-level rural commercial banks will enjoy a favorable RRR of 8 percent, unleashing long-term capital of about 280 billion yuan (41.6 billion US dollars), which will be used as loans to private as well as micro and small enterprises, the People's Bank of China said in an online statement.  

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