China's money rates fall as reserve cut offsets maturing reverse repos

By Lu Jianxin and Pete Sweeney SHANGHAI, March 1 (Reuters) - China's money rates fell across the board on Tuesday after the central bank cut banks' reserve requirement ratio (RRR), partly offsetting a huge amount of maturing reverse bond repurchase agreements, which drain funds from the market, traders said. The People's Bank of China (PBOC) cut the RRR by 50 basis points, effective on Tuesday, injecting around 650 billion yuan ($99.20 billion) in long-term money into the banking system