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China’s central bank, the People’s Bank of China (PBOC), has announced that it will reduce the reserve ratio requirements for banks by 50 basis points from February 5th. This move is aimed at boosting the struggling Chinese economy and will provide 1 trillion yuan ($139.8 billion) in long-term capital. It is the first reduction in reserve requirements this year, following two cuts in 2022. The PBOC also stated that there is room for further monetary policy easing. China’s economic growth in 2023 was 5.2%, in line with projections, but its post-Covid recovery has been lackluster.

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