China's central bank to cut RRR by 0.5 percentage points

(ECNS)-- The People's Bank of China, the country's central bank, will lower the reserve requirement ratio by 0.5 percentage points, effective on Feb. 5, Pan Gongsheng, its governor, said at a press conference on Wednesday. 

It will provide the market with approximately 1 trillion yuan in long-term liquidity, Pan added.