Chinese Central Bank President Ban Gonghsheng revealed measures to stimulate the economy, most notably reducing the reserve requirement that banks must maintain and lowering the reference interest rate for lending.
He said the Chinese authorities would cut the reserve requirement ratio and the key interest rate, and cut the benchmark market interest rate.
He said the reserve requirement ratio would be cut very soon by 0.5 percentage points in order to provide the financial market with long-term liquidity of about 1,000 billion yuan (128 billion euros). China will also cut interest rates on existing mortgages and standardize down payment ratios for mortgage loans, he said.
Source (Al-Arabiya.net Website, Edited)
