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Stock indices traded higher on further stimulus by China's central bank. The People's Bank of China (PBOC) announced on Sunday that it lowered the amount of cash that banks must hold as reserves. The government hopes to spur bank lending and combat slowing growth. The central bank cut the reserve requirement ratio for all banks by 100 basis points to 18.5%. The cut is effective from April 20. The reserve requirement ratio will be lowered by another percentage point for rural banks, two additional percentage points for the central bank's Agricultural Development Bank, and a further 0.5% for banks lending to agriculture and small businesses.
The Greek debt problem continue to weigh on markets. The country is still running out of cash, and it needs a new tranche of loans. The Greek government hopes to unblock a new tranche of loans at the Eurogroup meeting on April 24. Germany's Finance Minister Wolfgang Schäuble said last week that he did not expect that a solution will be found on April 24.
Name Price Change Change %
FTSE 100 7,033.49 +38.86 +0.56 %
DAX 11,808.4 +119.70 +1.02 %
CAC 40 5,158.86 +15.60 +0.30 %