China’s central bank to lower reserve requirement ratio for small, medium banks from mid-May

SHANGHAI, May 6 (SMM) – China’s central bank said on Monday May 6 that it will lower reserve requirement ratios (RRRs) for small- and medium-sized banks from May 15, accelerating its efforts to support private and small firms.

About 1,000 county-level rural commercial banks are qualified for the RRR cut, which is estimated to unleash a total of 280 billion yuan, according to a statement released on the website of the People’s Bank of China.