China cuts banks' reserve ratio to aid recovery
The nation's central bank said on Thursday it would cut the amount of cash that banks must hold as reserves for the second time this year to help keep liquidity ample and support economic recovery. The People's Bank of China said it would cut the reserve requirement ratio for all banks, except those that have implemented a five-percent reserve ratio, by 25 basis points from September 15. The move came after the world's second-biggest economy saw tepid post-pandemic recovery. To support the economy, the government has rolled out a series of policy measures in recent months, including steps to spur housing demand. (Reuters)