China central bank raises bank reserve requirement ratio by 0.5 pct pt
2008-4-16 05:33:00 p.m. HKT
BEIJING (XFN-ASIA) - China's central bank said it is raising banks' reserve
requirement ratio by half a percentage point from April 25.
It said the move was in line with its tight monetary policies and aimed at
guiding reasonable growth in money supply.
It is the third reserve requirement hike this year, and brings the level to
16.0 pct for most banks
The hike means that banks will have to set aside a bigger proportion of their
funds as reserves, reducing the money available for lending.
The latest announcement follows the release of first-quarter and March
economic data today.
ref:
http://www.bloomberg.com/apps/news?pid=20601068&sid=aKWZ_IFAP3c4&refer=home
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