(MENAFN- Qatar News Agency) ijing April 22 - China's central bank said Tuesday it will cut the reserve requirement ratio (RRR) for rural lenders to 0.5% to stimulate growth in less developed areas. The cut will be made on Friday according to the bank. They added in the statement that the adjustment was designed to focus financial support on rural development. The Chinese economy has been suffering from a slight slowdown since the beginning of 2014 and the Chinese government has been going through a range of economic measures to reaccelerate growth. China's GDP grew by 7.7% last year the slowest rate since 1999.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.