India, May 7 -- The People's Bank of China reduced its benchmark interest rate and reserve requirement ratio and also unveiled a slew of measures to support economy hit by trade tariffs.
The PBoC cut the 7-day reverse repo rate by 10 basis points to 1.4 percent. The new rate takes effect on May 8.
The reserve requirement ratio was lowered to 9.0 percent from 9.50 percent. The reduction is set to release CNY 1 trillion liquidity into the financial system.
In order to promote lending to the tech sector, the bank decided to increase re-lending fund by CNY 300 billion, PBoC Governor Pan Gongsheng said. For domestic consumption and elderly care, the bank will set up a CNY 500 billion, Pan said.
Another measure was a reduction in the housing ...