China's central bank said on Friday it was cutting the amount of cash that ...
BEIJING - China’s central bank said on Friday it was cutting the amount of cash that banks must hold as reserves for the second time this year, releasing 550 billion yuan to shore up the economy, which was sharply jolted by the coronavirus outbreak.
The central bank has been encouraging banks to lend more to small firms and other vulnerable sectors under its inclusive financing push, and has urged lenders to extend cheap loans and tolerate late payments from companies hit by the health crisis.The targeted cut, the ninth since early 2018, will be effective from March 16.
But on Friday, the PBOC reiterated that monetary policy would remain prudent, even if it is more flexible in prioritising restoring economic growth. It said it would not open the credit flood-gates, a practice which had led to a rapid build-up in debt in the past.
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