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China to cut reserve requirement ratio for foreign currency deposits

Xinhua, April 26, 2022 Adjust font size:

BEIJING, April 25 (Xinhua) -- China's central bank announced Monday that it will cut the reserve requirement ratio for foreign currency deposits by 1 percentage point from the current 9 percent to 8 percent, starting from May 15.

The move aims to strengthen the management of foreign currencies in financial institutions, the People's Bank of China said in an online statement.