The People's Bank of China on Tuesday announced a 2 percentage points cut in the reserve requirement ratio of rural lenders, as it strengthens financial support for the agricultural sector.
Analysts say the move doesn't reflect a looser monetary stance from Beijing, though many expect a monetary stimulus on the back of a 7.4 percent first quarter growth that is the slowest since the second quarter 2009.
The central bank said the move won't affect the overall liquidity level within the banking system, and is in line with its incumbent policy frame.
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