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China's central bank says will increase financial support for rural rejuvenation

China's central bank says will increase financial support for rural rejuvenation

People walk past the headquarters of the People's Bank of China (PBOC), the central bank, as two paramilitary police officials patrol around it in Beijing November 20, 2013. REUTERS/Jason Lee/File Photo

BEIJING : The People's Bank of China said on Thursday it will use monetary policy tools including re-discount and relending facilities and the reserve requirement ratio (RRR) to help financial institutions fund rural rejuvenation.

The PBOC last cut the RRR - the amount of cash that banks must hold as reserves - on July 15, releasing around 1 trillion yuan (US$154.34 billion). Many analysts expect another cut later this year.

(US$1 = 6.4791 Chinese yuan renminbi)

(Reporting by Gabriel Crossley and Beijing newsroom, editing by Mark Heinrich)

Source: Reuters

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