China's central bank lowered the reserve requirement ratio for banks in a surprise move on Monday.
The renminbi deposit reserve requirement ratio was reduced by 50 basis points, the People's Bank of China said in a statement on its webite.
The reduction in reserve requirement will help to maintain adequate liquidity in the financial system, guide steady moderate growth of money and credit and boost supply-side structural reforms to improve the monetary and financial environment, the bank said in a statement on its website.
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