China has acted to stimulate its slowing economy, cutting sharply the level of cash commercial banks must park with the central bank in a strong signal of intent to boost flagging growth.
The People’s Bank of China moved to free up cash to lend to business by cutting its so-called the reserve requirement ratio by 1 percentage point just days after data revealed the country’s economy expanded its slowest pace for six years in the first quarter.
The PBoC has only once before reduced the reserve requirement ratio by as much and that was during the depths of the financial crisis in November 2008.
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