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China to cut RRR for small and medium-sized banks

Updated: May 6,2019 10:14 AM     Xinhua

BEIJING — China will apply a relatively low required reserve ratio (RRR) for some small and medium-sized banks starting from May 15, the central bank announced on May 6.

About 1,000 county-level rural commercial banks will enjoy a favorable RRR of 8 percent, unleashing long-term capital of about 280 billion yuan ($41.6 billion), which will be used as loans to private as well as micro and small enterprises, the People’s Bank of China said in an online statement.