PBoC cuts seven-day reverse repo rate to 1.5% from 1.7%, trims Reserve Requirement Ratio (RRR) by 50 bps
The People's Bank of China (PBOC) cut the seven-day repo rate to 1.5% from 1.7% on Friday. Additionally, the Chinese central bank announced to cut the amount of the reserve requirement ratio (RRR), the required minimum capital banks must hold in reserve, by 50 basis points (bps).