CHINA China raises reserve requirement ratio for foreign currency deposits

CHINA

China raises reserve requirement ratio for foreign currency deposits

Xinhua

19:18, May 31, 2021

File photo shows a staff member counts bank notes in a bank in Linfen, north China's Shanxi Province. (Photo: Xinhua)

BEIJING, May 31 (Xinhua) -- China's central bank announced Monday that it will raise the reserve requirement ratio (RRR) for foreign currency deposits by 2 percentage points from the current 5 percent to 7 percent, beginning June 15.

The move aims to strengthen the liquidity management of foreign currencies in financial institutions, the People's Bank of China said in an online statement.

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