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China raises deposit reserve ratio to curb lending
By Zhang Fengming |
February 12, 2010, Friday
|
Online Edition
Online Edition
CHINA today asked banks to freeze more money from lending, the second time within a month to further tighten liquidity.
Economists said the announcement, which fell one day before the traditional Spring Festival holidays, sent a signal to the market of the central bank's heavy hands to curb monetary growth in the first half.
The reserve ratio - the amount of money a bank must put at the central bank from lending - will increase 0.5 percentage points on yuan deposits starting February 25, the People's Bank of China said on its Website at about 6pm.
China's previous reserve increase was announced on January 12, the first increase since June 2008.
The seven-day Spring Festival holidays can give the stock market a long break to digest the move, analysts said.
Rural cooperatives are exempted from the requirement rise to support the development of the rural areas especially during the spring planting season, the central bank said.
The reserve requirement increase can help drain 200 billion yuan (US$29 billion) to 300 billion yuan from the market.
Economists said the announcement, which fell one day before the traditional Spring Festival holidays, sent a signal to the market of the central bank's heavy hands to curb monetary growth in the first half.
The reserve ratio - the amount of money a bank must put at the central bank from lending - will increase 0.5 percentage points on yuan deposits starting February 25, the People's Bank of China said on its Website at about 6pm.
China's previous reserve increase was announced on January 12, the first increase since June 2008.
The seven-day Spring Festival holidays can give the stock market a long break to digest the move, analysts said.
Rural cooperatives are exempted from the requirement rise to support the development of the rural areas especially during the spring planting season, the central bank said.
The reserve requirement increase can help drain 200 billion yuan (US$29 billion) to 300 billion yuan from the market.
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