China's central bank said Friday that it will lower the amount of deposits banks have to set aside, releasing 500 billion yuan ($69.91 billion) of liquidity into an economy struggling with its worst Covid-19 outbreak since 2020. The People's Bank of China said it will cut banks' reserve requirement ratio by 0.25 percentage point, which will bring the weighted average RRR level for the whole banking system to 7.8%. The State Council, China's cabinet on Wednesday pledged to use more monetary tools, including timely cuts in banks' RRR, to keep liquidity reasonably ample. The RRR cut, effective Dec. 5, can help the ... (full story)