China to lower reserve requirements for small, medium banks for economic boost

China's central bank said on Monday it will lower the reserve requirement ratio for small and medium-sized banks effective on May 15, marking the latest policy support measure by Beijing to support companies struggling amid an economic slowdown.

The People's Bank of China said in a statement that the reduction will release about 280 billion yuan ($41.23 billion) in long-term funding, which will be used for loans to small and private companies.