China cuts RRR by 0.5 percentage points

(ECNS) -- China's central bank, the People's Bank of China, on Friday announced a cut in the reserve requirement ratio (RRR) by 0.5 percentage points for financial institutions. 

Starting Friday, the weighted average RRR for lenders will be set at 6.6 percent, while those having already implemented a 5 percent RRR will not be involved, according to a statement of the People's Bank of China.