China says still needs to keep reserve ratios relatively high

China says still needs to keep reserve ratios relatively high
BEIJING, April 17 (Reuters) - China's central bank still needs to maintain relatively high reserve requirement ratios for banks to fend off financial risks, it said on Tuesday as it announced plans to cut ratios for most banks by 100 basis points.

In a question and answer statement released on its website following the announced reserve cut, it said it would require financial institutions to use the newly-released funds from the reserve cut to provide loans to small and micro companies.

It also said it would guide reasonable and steady growth in credit and social financing. ($1 = 6.2796 Chinese yuan) (Reporting by Josephine Mason and Beijing Monitoring Desk Editing by Jacqueline Wong)

2018-04-17 13:04:09

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