China's central bank said on Monday it will cut reserve requirement ratios ...
BEIJING - China’s central bank said on Monday it will cut reserve requirement ratios to release about 280 billion yuan for some small and medium-sized banks, in a targeted move to support companies struggling amid an economic slowdown.
The People’s Bank of China said in a statement that the reduction will come into effect on May 15. The funds will be used for loans to small and private companies. Just hours earlier, Trump issued a series tweets in which he complained that trade talks with China were proceeding “too slowly”, and that he would raise tariffs on $200 billion of goods to 25 percent on Friday from 10 percent.
Despite the policy boost, China’s major stock indexes still extended losses after opening sharply lower. Both the blue-chip CSI300 index and the Shanghai Composite Index tumbled more than 5 percent in late morning trading. Hong Kong’s Hang Seng index slumped more than 3 percent.
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