National Aluminum, SAIL shares surge up to 4% on PBoC’s 50 bps RRR cut
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Shares of metal companies like National Aluminium surged 4.7% to its fresh 52-week high of Rs 21.40 while those of SAIL rallied 3.5% to day’s high of Rs 144.20 on the BSE as People’s Bank of China (PCoB) announced that it would cut the amount of cash that banks must hold as reserves (reserve requirement ratio or RRR) by 50 basis points. This is the second reduction this year, which is aimed at bolstering the faltering economic growth of the country. The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for all banks, except those that have implemented a 5% reserve ratio. The move took effect Friday and was flagged on Tuesday by PBOC Governor Pan Gongsheng at a press conference, alongside cuts in several key interest rates and measures supporting capital markets aimed at stimulating economic activity amid persistent deflationary pressures. The world's second-largest economy is the largest consumer ...