China central bank to cut FX reserve

SHANGHAI, Sept 05 (Reuters): China's central bank said on Monday it will cut the amount of foreign exchange reserves that financial institutions must hold, a move seen as aimed at slowing the yuan's recent depreciation.
The People's Bank of China said it would cut the foreign exchange reserve requirement ratio (RRR) to 6 per cent from 8 per cent beginning Sept. 15, according to an online statement.