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Financial News: China Lowers Reserve Ratios For Big 5 Banks:

China Lowers Reserve Ratios For Big 5 Banks: Report

01/20/2017 - 07:35:00 (RTTNews)

(RTTNews) - China's central bank temporarily reduced the amount of cash that big 5 banks should maintain as reserves to avoid a liquidity crunch ahead of the Lunar New Year holiday.

The People's Bank of China trimmed the reserve requirement ratio for the banks by one percentage point to 16 percent, Reuters reported Friday.

Official data released earlier in the day showed that China's economy expanded at a faster pace of 6.8 percent in the fourth quarter on spending.

However, the 2016 full-year growth was the weakest in 26 years. Gross domestic product grew 6.7 percent, which was within the government's target of 6.5 to 7 percent.

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