BEIJING, March 17 (Reuters) - China's central bank said
on Friday it would cut the amount of cash that banks must hold
as reserves for the first time this year to release liquidity
and support the economy.
The People's Bank of China (PBOC) said it would cut the
reserve requirement ratio (RRR) for all banks, except those that
have implemented a 5% reserve ratio, by 25 basis points (bps),
effective from March 27.
That follows a 25-bp reduction for all banks in December.
The central bank has promised to make its policy "precise
and forceful" this year to support the economy, keeping
liquidity reasonably ample and lowering funding costs for
businesses.
(Reporting by Beijing newsroom; Editing by Toby Chopra)
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