PBOC: Second phase of RRR cut effective Monday, releases about 100 bln Yuan of funds

The People’s Bank of China (PBOC), China's central bank, announced on Monday that the second phase of a cut in the reserve requirement ratio (RRR) freed came into effect and released about 100 billion Yuan ($14.44 billion) worth of long term funds.

Meanwhile, the PBOC also injected 150 billion yuan via 14-day reverse repos to "keep liquidity level stable at end-June".

The third phase of the RRR cut is scheduled to take effect on July 15.