China’s central bank unveiled details of plans to let some banks lend more of their deposits, a move aimed at bolstering slowing economic growth.
The People’s Bank of China said Monday that it was making a “targeted cut” in the portion of deposits that banks need to keep on reserve. It trimmed the rate by half a percentage point for banks that lend to the rural sector and smaller companies.
The move effectively frees up more money for banks to lend to such businesses, though it falls short of a broad reserve-rate cut that would have included China’s biggest banks.
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William Kazer, The Wall Street Journal via CHINA US Focus http://ift.tt/TFkXl9
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