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China starts new year with $115 billion available to spur economy

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Christian Fernsby ▼ | January 1, 2020
China's central bank said it was cutting the amount of cash that all banks must hold as reserves, releasing around 800 billion yuan ($114.91 billion) in liquidity to shore up the slowing economy.
China central bank
Ecnomy in China   China central bank
The People's Bank of China (PBOC) said on its website it will cut banks' reserve requirement ratio (RRR) by 50 basis points, effective Jan. 6. The move would bring the level for big banks down to 12.5%.

Topics: China economy

Of the latest funds released, small and medium banks would receive roughly 120 billion yuan, the central bank said, stressing that it should be used to fund small, local businesses.


 

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