The People’s Bank of China reduced the required reserve ratios of banks by 25 basis points to support the economy at a time when cases were on the rise again.
In the statement made by the Central Bank, it was stated that 530 billion yuan liquidity will be given to the market with the reserve requirement change. Discount will be effective from April 25 .
The People’s Bank of China announced earlier today that it kept the 1-year loan reference interest rate constant at 2.85 percent. There were 150 billion yuan ($23.5 billion) refinancing in maturing assets in the medium-term borrowing program.
China State Council announced the previous day that they will use policy tools, including z forbidden reciprocal rates reduction. had given the message.