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China Daily | Updated: 2014-06-10 07:25
Central bank releases details on targeted RRR cuts
The People's Bank of China released details on Monday for a reserve requirement ratio cut announced by the cabinet at the end of May to support smaller companies and the agricultural sector. Some banks' reserve ratios will fall by 0.5 percentage point effective June 16, the PBOC said on its website. The reduction will apply to about two-thirds of city commercial banks, 80 percent of non-county level rural commercial banks and 90 percent of non-county level rural cooperative banks.
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