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China cuts reserve requirements in bid to boost economy

China's central bank cuts the proportion of funds banks must set aside as reservesChina’s central bank on Monday cut the proportion of funds banks must set aside as reserves, in Beijing’s latest attempt to tackle slowing growth in the world’s second largest economy. The People’s Bank of China (PBoC) said in a statement it would trim the so-called “reserve requirement ratio” (RRR) for financial institutions by 0.50 percentage points, freeing up more funds for them to lend. The move came immediately after a G20 finance ministers’ meeting in Shanghai, which stressed the use of all available policy tools to boost global growth, and with Chinese and world stock markets assailed by worries over the economy.

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