Beijing, Oct 23 (IANS) The People’s Bank of China (PBOC) cut the reserve requirement ratio (RRR) of banks and benchmark interest rates on Friday.
From October 24, the RRR for financial institutions will be slashed by 0.5 percentage point, Xinhua news agency reported.
The RRR for qualified financial institutions supporting small and micro companies and agriculture will be lowered by another 0.5 percentage point, the PBOC said.
Benchmark interest rates will also be cut. From Saturday, interest rates for one-year lending and deposits will be cut by 0.25 percentage point to 4.35 percent and 1.5 percent respectively, PBOC said.