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Last hour, the People’s Bank of China (PBOC) issued a statement, announcing that it will lower the Reserve Requirement Ratio for small and medium banks, effective as of May 15th.

PBOC added that this will release 250bn Yuan in long-term funds

 Additional Headlines (via Bloomberg):

The PBOC move to benefit about 1000 rural banks.

The funds released will be used for private and small business lending.