Chinese central bank cutting foreign-exchange reserve requirements


The People’s Bank of China said in a brief statement it was cutting its foreign exchange deposit reserve ratio by 1 percentage point, to 8%. The central bank said the move, effective on May 15, will help financial institutions use foreign exchange funds. The Chinese economy has been slowing as the country imposes strict lockdown rules to fight an increase in COVID-19 cases.

This article was originally published by Read the original article here.

Previous articleActivision Blizzard profit, revenue fall below expectations
Next articleWashington Watch: Congress returning to brawl over COVID aid, China competition bill


Please enter your comment!
Please enter your name here