The People’s Bank of China (PBOC), China’s central bank, announced on Monday that the second phase of a cut in the reserve requirement ratio (RRR) freed came into effect and released about 100 billion Yuan ($14.44 billion) worth of long term funds.
Meanwhile, the PBOC also injected 150 billion yuan via 14-day reverse repos to “keep liquidity level stable at end-June”.
The third phase of the RRR cut is scheduled to take effect on July 15.