Business News Asia
The People’s Bank of China (PBOC) has announced a reduction in the reserve requirement ratio (RRR) of commercial banks to support real economic development and comprehensively reduce financing costs.
The People’s Bank of China has decided to reduce the RRR for all financial institutions by 0.25%. This will apply from April 25, with the exception of financial institutions that already hold a reserve of 5%.
The central bank said that after this RRR cut, the weighted average RRR for Chinese financial institutions will be 8.1%.
In addition, the People’s Bank of China stated that it would continue to use its monetary policy prudently.
According to the National Bureau of Statistics (NBS), the Chinese housing market remained stable in March.
According to the report, new home prices in China’s four largest cities – Beijing, Shanghai, Shenzhen, and Guangzhou – rose 0.3% in March from the previous month, following a 0.5% increase in February.
Home prices in China’s Tier 1 cities rose 0.4% in March from the previous month, following a 0.5% increase in February.
In addition, prices for new houses in second-tier cities remained unchanged in March. Compared with February, prices for new houses in third-tier cities fell by 0.2% month on month in March.