Caixin
Apr 15, 2022 08:13 PM
ECONOMY

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

The headquarters of the People’s Bank of China on Monday. Photo: IC Photo
The headquarters of the People’s Bank of China on Monday. Photo: IC Photo

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.

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