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The People's Bank of China announced on Friday that in order to support the real economic development and reduce the actual cost of social financing, it will reduce the reserve ratio of financial institutions by 0.5 percentage points (excluding financial companies, financial leasing companies and auto financing companies) on September 16.
In addition, in order to promote greater support for small and private enterprises, an additional 1 percentage point reduction in the deposit reserve ratio for urban commercial banks operating only in provincial administrative areas was implemented twice on October 15 and November 15, with each 0.5 percentage point reduction.
Relevant central bank officials said that about 900 billion yuan of long-term funds were released from the benchmark reduction, of which about 800 billion yuan was released from the benchmark reduction in an all-round way, and about 100 billion yuan was released from the benchmark reduction in a directional way.


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