The people’s Bank of China cut the mandatory Reserve rate-which means the cash that banks must hold as a reserve – for the second time this year.
China’s central bank said on Thursday it would reduce the amount of cash banks must hold in reserves for the second time this year to help maintain an abundance of liquidity and support the economic recovery.
The central bank announced Thursday in a statement that it will reduce the mandatory Reserve rate by 25 basis points to 7.4 percent from the fifteenth of September.
The bank explained in the statement that the reduction is aimed at maintaining ample liquidity, after the bank cut the rate by 25 basis points for most banks in March.
The move comes as the world’s second-largest economy has struggled to recover following the lifting of pandemic-related restrictions, with the government taking a series of measures in recent months including steps to stimulate demand for housing.
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