Cut in RRR extends to bigger lenders
Print Edition
CHINA’S central bank has extended a reserve requirement ratio cut to larger commercial lenders as part of the government’s efforts to support small businesses.
The People’s Bank of China yesterday approved a half-percentage-point cut for the Bank of Ningbo, the Industrial Bank, China Minsheng Banking Corp and China Merchants Bank, their spokesmen said.
China Merchants Bank is the country’s sixth-largest bank, and China Minsheng is the country’s largest privately-run bank.
The 0.5-percentage-point RRR cut, effective yesterday, would cover about two-thirds of city commercial banks, 80 percent of non-county level rural commercial banks and 90 percent of non-county level rural cooperative banks, the PBOC said.
The move is part of the government’s mini-stimulus to bolster the economy.
On June 9, the central bank unveiled a plan to cut reserve requirements, or money lenders put aside for risk management purposes, for banks when their lending or growth in loans to small and micro businesses and for agriculture exceeded a certain level.
China International Capital Corp yesterday said the cut released more funds to the market than expected.
Analysts expected 100 billion yuan (US$16 billion) could be injected into the market by the reserve requirement cut, 20 billion yuan more than previously expected.
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