China’s central bank cut the reserve requirement ratio for all banks by 0.25% from March 27 for the second time in a row, aiming to stimulate the economy as it gradually recovers from restrictions. due to the pandemic and the fall in the real estate market.

China’s central bank has cut the amount of cash banks must hold in reserve in an effort to stimulate the economy as it gradually recovers from pandemic restrictions and a downturn in the housing market.

The People’s Bank of China said in a statement on Friday that the reserve requirement ratio for almost all banks was lowered by 0.25 percentage point from March 27. The central bank last cut the reserve requirement in December by the same amount

Official data released this week showed that economic activity picked up in the first two months of the year, although industrial production growth was not as strong as analysts had expected, while unemployment rose.

The yuan pared gains 0.6% to trade 0.3% higher at 6.88 yuan per dollar on the mainland after the People’s Bank of China move.