BEIJING, Jan. 4 (Xinhua) -- The People's Bank of China (PBOC) decided Friday to cut the requirement reserve ratio (RRR) for RMB deposits by 1 percentage point.
The PBOC will cut the RRR by 0.5 percentage points on Jan. 15 and Jan. 25, respectively, a PBOC statement said.
In addition, the medium-term lending facility that will mature in the first quarter of 2019 will not be continued.
"The move will offset liquidity fluctuations caused by cash injections before the Spring Festival this year, and will help financial institutions continue to strengthen support for small and micro businesses as well as private businesses," the central bank said. Enditem
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