China's Central Bank Implements Surprise Rate Cut to Boost Economy and Banking Liquidity.
TL;DR Summary
China's central bank, the People's Bank of China (PBOC), has made a surprise cut to the reserve requirement ratio (RRR) for almost all banks by 0.25 percentage points, effective March 27, in an effort to keep money flowing through the financial system and prop up the economy. The move came as a surprise and follows a week of turmoil in global financial markets triggered by the failure of some regional US banks.
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