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Friday March 29, 2024

China releases $56 billion to banks

By AFP
April 04, 2020

Beijing: China´s central bank said on Friday it would cut the reserve requirements for smaller banks to release around $56.3 billion in liquidity, a move to counter the coronavirus impact on enterprises. The People´s Bank of China (PBOC) said in a statement it will also slash the interest it pays on financial institutions´ excess reserves for the first time in 12 years, to encourage them to use the cash rather than store it with the central bank.