A man speaks on the phone outside the Bank of China head office building in Beijing, China, March 30, 2016. REUTERS/Damir Sagolj
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China has allowed its five biggest banks to temporarily lower the amount of money that they must hold as reserves to relieve pressure on its financial system as demand for cash surges ahead of the Lunar New Year holiday, three sources with direct knowledge of the matter said.The central bank will restore the RRR for the five banks to the normal level at an appropriate time after the holiday, according to the sources.The five biggest lenders are Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Bank of Communications Co (BoCom) and Agricultural Bank of China.The banks did not immediately comment on the matter.
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