PBOC says it is to cut RRR for smaller banks

The Chinese central bank announces targeted RRR cuts for smaller banks

The cut for the qualifying banks will be by 100 bps or 1% and will be implemented via two stages i.e. 15 April and 15 May. The PBOC also announces a cut to its excess reserve interest rate to 0.35% from 0.72% starting from 7 April onwards.

The central bank also says that this will release about ¥400 billion worth of funds into the financial system. The move above was already hinted earlier in the week here.