Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Industries Switch Up Production Processes to Use Byproducts to Produce Medical Supplies
China Plans to Mass Produce Driverless Cars by 2025 Later Than Previous Forecast
U.S. Companies Fluctuate on Wall Street as Covid-19 Hits Their 2020 Forecasts
Snack Shop Serves Up First IPO from Wuhan Since Covid-19 Outbreak Took Hold
Chinese AI Firm Laiye Secures $42 Million in Series C Funding Round
Japan’s Finance Minister Expresses Concerns Over China’s Digital Yuan
U.S. Allows China’s iFlyTek to Resume Purchases of American-Made Medical Products During Outbreak
China Accounts For Nearly Half of All Global 5G Smartphone Shipments in 2019: Research
Xiaomi-Backed Smart Home Cleaner Maker Raises $641 Million in Shanghai IPO
Foxconn Allows Henan Workers to Return to Its Zhengzhou Complex
Alibaba-Owned Livestreaming Platform Taobao Live Sees Rapid Growth Amid Outbreak
Lenovo Charges Up Investors by Playing Down Virus Impact
Huawei ‘Disappointed’ After U.S. Court Rejects Its Federal Ban Challenge
Didi Installs In-Car Protective Sheets Between Drivers and Passengers to Control Coronavirus
Puma and Adidas Face Massive Sales Drop Due to Coronavirus
China Raises First-Batch Rare-Earth Mining Quota by 10% for 2020
Tesla and CATL Enter Advanced Stages of Talks Over Cobalt-Free Battery Supply
Hong Kong Unemployment Surges to Record High in Wake of Coronavirus Outbreak
First Huawei Smartphone to Replace Google Mobile Services Hits Europe Next Week
Jaguar Land Rover Unsure It’ll Recoup China Sales Lost to Virus
China to Cut Reserve Requirement Ratio by 100 Basis Points

By Leng Cheng / Jan 04, 2019 06:13 PM / Economy

China’s central bank announced Friday that it will cut the amount of money that banks have to hold in reserve, releasing a net 800 billion yuan ($116.5 billion) into the financial system to ensure an ample supply of cash ahead of the Spring Festival holidays.

The People’s Bank of China (PBOC) plans to cut the reserve requirement ratio (RRR) twice this month, once on Jan. 15 and once on Jan. 25, for a total reduction of 100 basis points.

"The cut should be seen as a targeted adjustment, rather than flooding the financial system," the PBOC said in a separate explanatory filing that emphasized it was not altering the "moderate stance" of China’s monetary policy.

The central bank’s announcement came just hours after Premier Li Keqiang promised to cut the RRR and lower taxes and fees to help the country’s small and private firms.


Share this article
Open WeChat and scan the QR code