China to cut reserve requirement ratio by 0.5 percentage points

The People's Bank of China, the country's central bank, will reduce the reserve requirement ratio by 0.5 percentage points and cut the policy benchmark of interest rates by 0.1 percentage point, PBOC Governor Pan Gongsheng said on Wednesday.

The seven-day reverse repo rate will be cut from 1.5 percent to 1.4 percent, Pan said at a news conference.