China cut RRR by 50 bps

Note: This section contains information in English only.
Source: China.org.cn
The central bank of China reported on Saturday that it decided to decrease the reserve requirement ratio (RRR) for its banks by 50 basis points, indicating the second reduction for 2012. The cut comes in force on May 18 and is expected to pump 400 billion Yuan into the country's market, according to Lian Ping, chief economist from the Bank of Communications. After the reduction, the RRR for main banks will be 20% whereas for medium and small banks the rate will fall to 16.5%.

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