PBoC Lowers RRR for Big Banks to 11%

The People's Bank of China announced on May 26th it had cut the reserve requirement ratio (RRR) for big banks by 150bps to 11 percent, aiming to support the economy hurt by the Covid-19 pandemic.

Last month, the central bank had already slashed RRR for mid-sized and small banks by 100bps, in two phases, releasing around CNY 400 billion.