The PBoC deployed a large cut in the RRR to arrest flagging growth momentum

Yesterday, the People’s Bank of China (PBoC) cut the required reserve ratio (RRR) by 100 bps to 18.5%, effective from April 20th. It is the second time of a universal RRR cut since last November when monetary policy shifted to be accommodative, along with two 25-bps interest rate cuts during the same period.

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