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Following the change Monday, large banks will need to keep 21 percent of all deposits in the People's Bank. Smaller banks have a slightly lower ratio, 19 percent.
The half point shift will free up to 400 billion yuan, or approximately $63 billion, for loans, according to Mark Williams, chief Asia economist for Capital Economics in London. "We see this as a decisive shift in policy stance from China," he wrote in a report. "Further reserve requirement cuts will follow over the next few months. Bank lending will pick up."
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Kyle A. Richardson
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Kyle A. Richardson is the editorial director of Promo Marketing. He joined the company in 2006 brings more than a decade of publishing, marketing and media experience to the magazine. If you see him, buy him a drink.
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