BEIJING — China's central bank on March 13 announced it will implement targeted reserve requirement ratio (RRR) cuts for eligible banks from March 16.

The move will release 550 billion yuan (about $78.57 billion) of long-term funds, the People's Bank of China said.

The RRR cuts target inclusive finance, and banks that meet certain criteria can enjoy 50 to 100 basis points of RRR cuts.

In addition, eligible joint-stock commercial banks will be given an additional targeted RRR cut of 100 basis points to support lending in inclusive finance.