BEIJING: China's central bank will cut the reserve requirement ratio for rural banks at the county level by between 0.5 and 2 percentage points, it announced on Tuesday.
The People's Bank of China will cut the RRR, or amount of deposits banks must hold as reserves, by 2 percentage points for rural commercial banks and by 0.5 percentage point for rural credit cooperatives.
The cut is effective from Friday, the central bank said in a statement.
China's premier, Li Keqiang, had first announced the cut last week, but had not given details.
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