Off the wire
• Oilfield service giant announces job cuts on oil decline  • NBA standings after Wednesday's games  • NBA results on Wednesday  • Scientists construct record of CO2 changes since Pliocene epoch  • Homicide levels hit all-time low in Australia  • Two suspected Abu Sayyaf bandits killed in S. Philippine clash  • Indonesian economy accelerates by 5.01 pct in Q4 2014  • Little Penguin survives three times life expectancy of its average species  • Tokyo stocks down 0.98 pct on Greece concerns, crude oil falls  • S.Korea's LG Chem to foster OLED lighting as new growth engine  
You are here: 　 Home

China stocks down despite cut in bank reserves

Xinhua, February 5, 2015 Adjust font size:

Chinese stocks ended in negative territory on Thursday, giving up gains in morning trading that's boosted by the central bank's decision to cut banks' reserve requirement ratio (RRR).

The benchmark Shanghai Composite Index fell 1.18 percent to end at 3,136.53 points. The Shenzhen Component Index shed 0.46 percent to end at 11,065.58 points.

The People's Bank of China announced on Wednesday to lower banks' reserve requirement ratio (RRR) by 50 basis points starting Thursday.

The PBOC also increased support to some targeted areas, cutting the RRR by an extra 50 basis points for qualified city and rural commercial banks engaged in proportionate lending to small firms, the farming sector and major water projects.

According to estimates by U.S. investment bank J.P. Morgan and some Chinese institutions, the RRR cut could inject 650 billion yuan (104 billion U.S. dollars) into the real economy. Endi