This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/business/2016/feb/29/china-cuts-reserve-rates-for-fifth-time-in-a-year

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
China cuts reserve rates for fifth time in a year China cuts reserve rates for fifth time in a year
(35 minutes later)
China’s central bank has reduced the amount of cash that banks must hold as reserves for the fifth time in the past year, as it seeks to revive a slowing economy. China’s central bank has reduced the amount of cash banks must hold as reserves for the fifth time in the past year, as it seeks to revive the slowing economy.
The People’s Bank of China said on its website on Monday that it would cut the reserve requirement ratio (RRR) by 50 basis points for all banks, taking the ratio to 17% for the country’s biggest lenders. The cut is effective from 1 March, the fifth such cut since February 2015. The People’s Bank of China said on Monday it would cut the reserve requirement ratio (RRR) by 50 basis points for all banks, taking the ratio to 17% for the biggest lenders. The cut is effective from 1 March.
China last cut RRR on 23 October, when it also reduced interest rates by 25 basis points to rein in social financial costs.China last cut RRR on 23 October, when it also reduced interest rates by 25 basis points to rein in social financial costs.
Under the banner of “prudent” monetary policy, the central bank has pursued its most aggressive policy easing since the 2008/09 global financial crisis as it attempted to arrest an economic slowdown in the world’s second-largest economy. Under the banner of “prudent” monetary policy, the central bank has pursued its most aggressive policy easing since the 2008-09 global financial crisis as it attempted to halt an economic slowdown in the world’s second-largest economy.
China’s economic growth slowed to 6.9% in 2015, the slowest pace in 25 years, as weak demand at home and abroad, industrial overcapacity and lukewarm investment added to strains in the economy.China’s economic growth slowed to 6.9% in 2015, the slowest pace in 25 years, as weak demand at home and abroad, industrial overcapacity and lukewarm investment added to strains in the economy.