11 Feb '11, 5am

China regional banks told to hike reserves via @AddThis

China regional banks told to hike reserves via @AddThis

SHANGHAI: China's central bank has ordered some small and medium-sized banks to raise their reserves in the latest in a series of such hikes aimed at reining in inflation, state media said on Friday. The reserve requirement ratio hike, which effectively reduces the amount of money banks can lend, is mainly targeted at regional institutions, the state-run China Securities Journal reported, citing unnamed sources. The increase took effect this week, the report said without naming the affected banks or specifying the size of the hike. China has yet to announce an official lending target for this year, but it has enlisted various monetary tools to tame credit growth and inflation. The People's Bank of China raised interest rates for the third time in four months on Tuesday. It also increased the bank reserve requirement ratio by half a percentage point in January, its seventh ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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