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China Details Reserve Ratio Cut for Regional Lenders

China’s central bank announced a 0.5 percentage point cut in reserve requirements for some banks, giving details of a policy move aimed at supporting smaller companies and agriculture.

The reduction will take effect June 16, the People’s Bank of China said in a statement on its website yesterday. The change applies to two-thirds of city commercial banks, 80 percent of non-county level rural commercial banks and 90 percent of non-county level rural cooperative banks.