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China cuts reserve ratios to boost slowing economy

by ChemOrbis Editorial Team -
  • 21/04/2015 (10:37)
According to media reports, the People’s Bank of China, the country’s central bank, cut its reserve-requirement ratio by 1% to 18.5% as of April 20 in order to boost China’s slowing economy. The recent cut is reportedly the second reduction of this year. In line with the recent cut, banks can increase lending by about CNY1.2 trillion ($194 billion).

According to data released last week by China’s National Bureau of Statistics (NBS), the country’s economic growth slowed in the first quarter of this year to post the weakest growth rate since the first quarter of 2009. The country’s gross domestic product (GDP) grew 7% year over year in the first three months after expanding by 7.3% in the last quarter of 2014. In addition to slowing economic growth, China’s total foreign trade also decreased 6% to CNY5.54 trillion ($891 billion) in the first quarter.
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