China's central bank announces RRR cut

The People's Bank of China announced on Sunday to reduce reserve requirement ratio (RRR) by one percentage point, and the released capital will be used to pay off 450 billion yuan (65.5 billion US dollars) of MLF due on October 15.

The RRR cut will also release incremental funds of about 750 billion yuan (109 billion U.S. dollars), according to the central bank.