China to step up bank reserve ratio cuts to help small firms: state media

FILE PHOTO: Chinese 100 yuan banknotes in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing
FILE PHOTO: Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, in this March 30, 2016 file picture. REUTERS/Kim Kyung-Hoon/File Photo

April 7, 2019

SINGAPORE (Reuters) – China will step up its policy of targeted cuts to banks’ required reserve ratios to encourage financing for small and medium-sized businesses that play a key role in economic growth, official media reported on Sunday.

China will also accelerate initial public offerings for small and medium-sized companies, Xinhua news agency cited a policy document issued by the State Council, China’s Cabinet, as saying.

(Reporting by Chen Aizhu in Singapore and CoCo Li in Beijing; Editing by David Goodman)

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