China's prudent monetary policy unchanged: central bank

China's prudent monetary policy has not changed, the country's central bank said after announcing a cut in reserve requirement ratio (RRR) for financial institutions.

China will cut the RRR by 50 basis points for eligible financial institutions from July 15 to support the real economy, the People's Bank of China (PBOC) said in a statement Friday.

The reduction is a regular operation after the country's monetary policy normalized, said the PBOC, noting that the central bank will stick to a normal monetary policy while keeping it stable and effective. Enditem