China's central bank said Friday it would cut the reserve requirements for smaller banks to release around 400 billion yuan ($56.3 billion) in liquidity, a
The People's Bank of China said in a statement it will also slash the interest it pays on financial institutions' excess reserves for the first time in 12 years, to encourage them to use the cash rather than store it with the central bank.
This reduces the amount of cash the banks must hold and is aimed at boosting support for small, medium and micro enterprises, the PBOC added. The cuts target rural financial institutions and city commercial banks that operate only at the provincial level. The aim is to"effectively increase stable funding sources" and help reduce the interest rates that enterprises are subject to, said a PBOC spokesman Friday.
The PBOC said Friday it will also be reducing the interest rate on banks' excess deposits from April 7, from 0.72 percent to 0.35 percent. It pays interest on banks' excess reserves, and the last time it adjusted the rate was in 2008.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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