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Central bank cuts reserve requirement in rural areas

The People's Bank of China on Tuesday announced a 2 percentage-point cut in the reserve requirement ratio of rural lenders to strengthen financial support for the agricultural sector. Analysts say the move doesn't reflect a looser monetary stance from Beijing. Many, though, expect monetary stimulus after 7.4 percent economic growth in the first quarter, the slowest since the April-through-June period of 2009. The PBOC said in a statement the move won't affect the overall liquidity level within the banking system and is in line with its current policy framework.

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