Voice of America
18 Mar 2023, 08:06 GMT+10
Beijing - China's central bank on Friday announced a cut to the amount of cash banks are required to hold in reserve for the first time this year, in a move designed to shore up an economy weakened by the pandemic.
The People's Bank of China (PBOC) said it would cut the reserve requirement ratio by 0.25 percentage point starting March 27, which would allow commercial banks to lend more to businesses.
This would bring the weighted average reserve requirement ratio for financial institutions to around 7.6%, the central bank said.
The PBOC said the latest cut was intended to 'improve the level of service to the real economy.'
The rate was last cut in November, when the world's second-largest economy was heavily hit by strict COVID-19 curbs.
China is still grappling with the fallout of its zero-COVID policy, which included harsh lockdowns and mass business closures, hitting supply chains and employment.
The country has set an economic growth target of 'around 5%' for 2023, one of the lowest in decades.
Authorities reported a rebound in retail sales in January and February, after the country abandoned zero-COVID controls and a massive exit wave of infections quickly subsided.
But Premier Li Qiang has warned that the growth target was 'not easy' to achieve as a grinding property crisis continued and global demand slowed.
Get a daily dose of Dublin News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Dublin News.
More InformationBENTON, Arkansas: Reuters reported that due to a reduction or elimination in evening and weekend shifts, Walmart will lay off ...
MOSCOW, Russia: As western automakers have left Russia since the start of the Ukraine war, the Chinese have rushed in ...
LONDON, England: Reuters has reported that struggling Virgin Orbit, owned by billionaire Richard Branson, is nearing a $200-million investment deal ...
NEW YORK CITY, New York: To comply with the requirements of the "Made in America" laws, a $7.5 billion federal ...
LONDON, England: During a Bloomberg conference held in London this week, Luke Ellis, CEO of hedge fund Man Group, said ...
NEW YORK, New York - Wall Street jumped on Friday, although gains were modest after bank shares in Europe came ...
DUBLIN, Ireland: Local authorities throughout Ireland are set to spend 350 million euros to house the country's homeless in 2023, ...
LONDON, England: Despite rising air fares, a potential global economic recession and risks of gridlock at some airports in Europe ...
DUBLIN, Ireland: Ireland's life expectancy has seen the greatest gains among all EU nations, according to one of the country's ...
PARIS, France: Amidst the mass deaths of dolphins and porpoises in recent years, France's highest administrative body has ordered the ...
BRUSSELS, Belgium: While chairing a meeting of EU foreign and defense ministers in Brussels this week, European Union (EU) foreign ...
DUBLIN, Ireland: Ireland's Department of Justice has acknowledged that it would arrest Russian President Vladimir Putin on charges of war ...