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Major Chinese banks rise after central bank cuts reserve ratio

Reuters

HONG KONG (Reuters) - Shares of Industrial and Commercial Bank of China Ltd (ICBC) (1398.HK) and other major Chinese banks in Hong Kong rose on Tuesday after the central bank announced it was cutting the reserve requirement ratio to pump cash into the economy.

Stocks of ICBC (1398.HK), China Construction Bank and Bank of China (3988.HK) were set to open up 1.3 percent, 1.1 percent and 1.03 percent respectively in Hong Kong.

The People's Bank of China said on Monday that it was cutting the amount of cash that banks must hold as reserves by 50 basis points, taking the ratio to 17 percent for the biggest lenders and injecting an estimated $100 billion worth of long-term cash into the economy.

(Reporting by Donny Kwok; Editing by Stephen Coates)