Economics
PBOC Adds $56 Billion to Chinese Banks to Shore Up Lending
- RRR of rural, small city commercial banks to be cut by 1ppt
- Interest rate on excess reserves also reduced from next week
Pedestrians wearing protective masks walk past the People's Bank of China building in Beijing.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
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The People’s Bank of China cut the amount of cash that some banks have to put aside as reserves, injecting liquidity to encourage lending as the world’s second-largest economy is set for the slowest growth since 1976.