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China To Cut RRR For Small And Medium-sized Banks

The People's Bank of China announced on Monday that it will reduce the required reserve ratio for some small and medium-sized banks.

The move will take effect on May 15, the state-run news agency Xinhua reported, citing the central bank.

The RRR cut free up about 280 billion yuan, or $41 billion, that can be given as loans to private small businesses struggling amid the wider economic slowdown, the bank said.

Following the RRR cut, about 1,000 rural commercial banks will have an reserve requirement of 8 percent.

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