China Cuts Bank Reserve Ratio
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Chinese regulators cut bank reserve requirements for the first time since 2008 Tuesday, as the Eurozone crisis pressures global economies.
The People's Bank of China said it will cut the amount Chinese banks have to set aside for resreves by 50 basis points effective December 5.
Before today's reversal, China raised the reserve requirement six times this year to a record 21.5 percent for the biggest lenders.
The People's Bank of China said it will cut the amount Chinese banks have to set aside for resreves by 50 basis points effective December 5.
Before today's reversal, China raised the reserve requirement six times this year to a record 21.5 percent for the biggest lenders.
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