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China to make targeted RRR cuts, stabilize foreign trade amid virus - Metro US

China to make targeted RRR cuts, stabilize foreign trade amid virus

BEIJING (Reuters) – China will make targeted cuts in bank reserve requirement ratios (RRR) and take measures to stabilize foreign trade and investment, including reducing the negative list, amid the coronavirus outbreak, the country’s cabinet said on Wednesday.

The targeted cuts in RRRs – the proportion of cash banks must hold in reserves – will be for inclusive financing or supporting small firms, while there will be additional cuts for joint-stock banks, according to a statement on the Chinese government’s website.

China will also increase international cargo flights to help stabilize global supply chains, said the statement issued after a meeting of the State Council chaired by Premier Li Keqiang.

(Reporting by Tom Daly and Kevin Yao, editing by Louise Heavens)

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