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. Last Updated: 07/27/2016

China Releases Cash

SHANGHAI, China -- China is injecting $24 billion in new credit into its slowing economy by cutting the amount of money banks are required to hold in reserves, according to state media.

The second reserve ratio cut in two years takes effect Sunday, the Xinhua News Agency said late Thursday.

The ruling cut the amount that commercial banks are required to keep on deposit with the central bank from 8 percent of their accounts to 6 percent. The reserves are meant to ensure that banks keep enough cash for customer withdrawals and settlement of transfers to other banks.

Banks will be able to withdraw about 200 billion yuan ($24 billion) in reserves and lend it to commercial borrowers, Xinhua said.