China's central bank cuts reserve requirement ratio by 0.5 pp for FIs

The decision is part of the country's recent stimulus package to boost the economy, a state-run media outlet reported.

The weighted average RRR for lenders will be around 6.6 per cent beginning today, while those having already implemented a 5-per cent RRR will not be involved, the People's Bank of China said in a statement.

The central bank adheres to a supportive monetary policy with a strengthened intensity and more targeted regulation to create a sound monetary and financial environment for stable economic growth and high-quality development, the statement said.

This RRR cut was first disclosed by central bank governor Pan Gongsheng early this week.

ALCHEMPro News Desk (DS)