PBOC Cuts Chinese Banks’ Reserve Requirement, Releasing $83 Billion

China’s central bank announced Friday that it will cut the amount of cash financial institutions need to hold in reserve, releasing 530 billion yuan ($83.1 billion) of liquidity into the financial system.

The move comes as the country is fighting its worst wave of Covid outbreaks, while the war in Ukraine has pushed up commodity prices, adding to the downward pressure on its economy.