Did China just join the global currency wars?

China's central bank has flagged its intention to adopt a more accommodative monetary policy to counter the weakening economy.

The People’s Bank of China has joined its global peers in adopting a looser monetary policy to boost the country’s slowing economy. The central bank cut the reserve requirement ratio -- or the amount of deposits that banks must hold in reserve with the central bank -- by 0.5 per cent to 19.5 per cent for large commercial banks. It provides additional easing to smaller banks that have met the lending target to small and medium sized enterprises, slashing the reserve-requirement ratio by another 0.5 per cent.

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