18 Apr '11, 9am

Chinese money rates rise after expected bank reserve hike: SHANGHAI - CHINESE benchmark short-term money market

SHANGHAI - CHINESE benchmark short-term money market rates rose on Monday after the central bank raised banks' required reserve ratio, but the rise was contained as traders largely took the policy tightening step in stride. The People's Bank of China (PBOC) on Sunday raised banks'required reserve ratio (RRR) 50 basis points for the seventh time since the current tightening cycle began last October, requiring large banks to hold a record 20.5 per cent of their deposits with the central bank. 'There wasn't a big change today in the liquidity situation, because the increase in banks' reserve ratios was within market expectations,' said a trader at a state-owned commercial bank in Beijing. The increase in the amount of money banks must hold at the central bank will lock up approximately 360 billion yuan (S$68 billion) that banks otherwise could have lent out when the requireme...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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