China to cut RRR to boost bank lending
Print Edition
CHINA is to cut the reserve requirement ratio for more banks to support the rural economy and small- and medium-sized enterprises.
“The country will lower the RRR for banks whose loans for real economic activity such as lending to the agriculture sector and SMEs have reached a certain proportion,” according to a statement released after a State Council meeting chaired by Premier Li Keqiang yesterday.
The statement did not specify the proportion, or when the cut would be made.
China cut the RRR for county-level rural commercial banks by 2 percentage points and that of rural credit cooperative unions by 0.5 percentage points in April.
The RRR sets the minimum level of customer deposits that each bank must hold as reserves rather than lending, and is an important tool used by central banks. Cutting the RRR is aimed at boosting bank lending to support economic growth.
China’s economy is running smoothly, but still faces “relatively big” downward pressure, the statement said.
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