PBOC announces surprise cut in bank reserve requirements - Reuters

The People’s Bank of China (PBOC) unexpectedly announced late-Tuesday that it will reduce the cash banks hold as reserves.

Key Details:

Reserve requirement ratios (RRRs) — currently 17 percent for large institutions and 15 percent for smaller banks — will be cut by 100 basis points (bps), the People’s Bank of China (PBOC) said.

The change will be made on April 25 and will apply to most banks with the exception of policy lenders such as China Development