- Analytics
- News and Tools
- Market News
- China cuts banks' reserve ratio for second time in 2023 amid faltering recovery
China cuts banks' reserve ratio for second time in 2023 amid faltering recovery
According to Reuters, China's central bank announced on Thursday that it would cut the amount of cash that banks have to hold as reserves for the second time this year to boost liquidity and support the nation's economic recovery.
On Friday, the People's Bank of China (PBOC) said that it would cut the reserve requirement ratio (RRR) by 25 basis points (bps) for all institutions except those that have implemented a 5% reserve ratio. This follows a 25 bps cut for all banks in March and it comes as the world's second-largest economy struggles to maintain its post-pandemic recovery.
Market reaction
This statement had little to no impact on the Aussie's performance against its rivals. At the time of writing, AUD/USD is trading at 0.6435, down 0.09% on the day.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
