China Central Bank Completes Trillion Yuan Profit Transfer to Treasury

What’s new: China’s central bank said it has completed the transfer of 1.13 trillion yuan ($162 billion) in profits to the finance ministry to help the government boost fiscal spending and support the economy.

The size of the funds is equivalent to around a 50-basis-point cut to the reserve requirement ratio, the People’ Bank of China (PBOC) said in its quarterly monetary policy report published Friday.