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China to cut bank reserves as 'hard landing' fears continue
China's central bank cut the amount of cash that banks must hold as reserves on Saturday, in another attempt to head off a sharper slowdown in the world's second-largest economy. The People's Bank of China, the central bank, said it would cut banks' reserve requirements by 0.50 percentage points effective from May 18, according to a statement posted on its website. The move was widely expected after China reported growth in industrial production slumped to a three-year low of 9.3pc in April, adding pressure on Beijing to ease monetary policy. Sebastien Galy, senior currency strategist at Societe Generale, said: ... (full story)
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