June 24, 2018 / 9:30 AM / 6 months ago

China central bank cuts some banks' reserve requirement ratios by 50 bps

BEIJING, June 24 (Reuters) - China’s central bank said on Sunday it would cut the amount of cash that some banks must hold as reserves by 50 basis points (bps).

The targeted cut in some banks’ reserve requirement ratios (RRRs) - currently 16 percent for large banks and 14 percent for smaller banks - will take effect on July 5, the People’s Bank of China (PBOC) said in an online statement. (Reporting By Shu Zhang and Norihiko Shirouzu Editing by Kenneth Maxwell)

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