April 17, 2018 / 10:53 AM / in 8 months

China c.bank cuts reserve requirement by 100 bps for most banks

BEIJING, April 17 (Reuters) - China’s central bank announced on Tuesday it will cut the amount of cash that most commercial and foreign banks must hold as reserves to pay back medium-term lending facilities.

The People’s Bank of China (PBOC) said on its website it would cut the reserve requirement ratio (RRR) — currently at 15 percent or 17 percent — by 100 basis points (bps) for most commercial banks.

The cut is effective on April 25.

Reporting by Josephine Mason and Beijing Monitoring desk; Editing by Jacqueline Wong

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