China to cut reserve requirement ratio for foreign currency deposits

BEIJING, April 25– China’s central bank announced Monday that it will cut the reserve requirement ratio for foreign currency deposits by 1 percentage point from the current 9 percent to 8 percent, starting from May 15.

BEIJING, April 25 (Xinhua) — China’s central bank announced Monday that it will cut the reserve requirement ratio for foreign currency deposits by 1 percentage point from the current 9 percent to 8 percent, starting from May 15.

The move aims to strengthen the management of foreign currencies in financial institutions, the People’s Bank of China said in an online statement. Enditem