BEIJING—China’s central bank said on March 13 it was cutting the amount of cash that banks must hold as reserves for the second time this year, releasing 550 billion yuan ($78.82 billion) to shore up the economy, which was sharply jolted by the coronavirus outbreak.
The People’s Bank of China (PBOC) said on its website that it would cut the reserve requirement ratio (RRR) by 50-100 basis points (bps) for banks that have met inclusive financing targets. The RRR for large banks is currently at 12.5 percent.
