HONG KONG (Reuters) - China’s central bank said on Monday it would implement its cut in reserve requirement ratios (RRRs) for some small- and medium-sized banks in three phases, as part of wider efforts to help companies weather a slowdown in the world’s second largest economy.
The cuts will be gradually implemented on three dates, including May 15, June 17 and July 15, the central bank said.
“This is aimed at helping small- and medium-sized banks to better serve small and private enterprises, which will in turn support the overall economy,” the People’s Bank of China said in a statement on its website.
Earlier on Monday, the central bank said it would cut RRRs to release about 280 billion yuan ($41 billion) for some small- and medium-sized banks.
Reporting by Meg Shen in Hong Kong and Lee Chyen Yee in Singapore; Editing by Clarence Fernandez