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China raises banks' reserve ratio for 3rd time this year
By Leo Zhang |
March 18, 2011, Friday
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Online Edition
Online Edition
CHINA today asked all commercial banks to put aside more money from lending, the third such order this year, as it continues to battle higher consumer prices.
The reserve requirement ratio on banks will rise by 0.5 percentage point from March 25, the People's Bank of China said on its Website. Banks will face a record high of 20 percent requirement.
The new order is estimated to siphon 363 billion yuan (US$55 billion) out from the market, according to Shanghai Daily's calculation.
The reserve requirement ratio on banks will rise by 0.5 percentage point from March 25, the People's Bank of China said on its Website. Banks will face a record high of 20 percent requirement.
The new order is estimated to siphon 363 billion yuan (US$55 billion) out from the market, according to Shanghai Daily's calculation.
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