PBOC governor says 'some room' exists for cutting reserve requirement ratio

0 Comment(s)Print E-mail Xinhua, March 10, 2019
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Chinese central bank governor said Sunday that there is still some room for lowering the country's reserve requirement ratio.

The overall reserve requirement ratio now stands at around 12 percent, a similar level as some developed countries, Yi Gang, governor of the People's Bank of China (PBOC), told a press conference on the sidelines of the annual legislative session.

Since the beginning of 2018, China has lowered the reserve requirement ratio by a total of 3.5 percentage points in five cuts, he said.

China will reform and refine monetary and credit supply mechanisms, and employ a combination of quantitative and pricing approaches, like required reserve ratios and interest rates, to guide financial institutions in increasing credit supply and bringing down the cost of borrowing, according to a government work report delivered on Tuesday. 

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