China's central bank lowered the amount of foreign exchange that banks maintain as reserves, in an attempt to combat the weakness of the yuan, after unveiling measures to revive the property market this week.
Also on Friday, major banks in China lowered the interest rates on yuan deposits of various maturities by 10-20 basis points. This is expected to make room for further reduction in lending rates that could boost the property market.
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by Renju Jaya
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