June 17, 2020 / 11:49 AM / 20 days ago

China to step up monetary easing to support the economy - cabinet

BEIJING, June 17 (Reuters) - China will step up monetary policy easing and keep liquidity “reasonably ample”, the state cabinet said in a meeting chaired by premier Li Keqiang on Wednesday, as it looks to support the economy and help small and medium-sized firms.

The cabinet indicated the Chinese government will keep liquidity ample through cutting the required reserved ratio (RRR) - the amount of cash banks are required hold - and re-lending, while guiding market interest rates lower, state broadcaster CCTV reported.

The government will ensure that China’s issuance of new yuan-denominated loans and total social financing in 2020 exceed the amount last year, the report added. (Reporting by Lusha Zhang, Colin Qian and Kevin Yao; Writing by Yawen Chen; Editing by Andrew Heavens)

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