China cuts rate on excess reserves for first time in 12 years

The People’s Bank of China, Beijing

The People’s Bank of China, Beijing

China’s central bank cut the interest rate on financial institutions’ excess reserves for the first time since 2008, reducing the rate to a record low of 0.35%.

The reduction of the interest rate on excess reserves (IOER) is aimed at encouraging banks and financial institutions to lend more funds to small and micro-firms, the Peoples’ Bank of China (PBoC) said on April 3. The cut will be effective from April 7.

The Chinese central bank has kept the rate on excess reserves unchanged for 12

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