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China to raise bank reserve to battle inflation
By Zhang Fengming |
May 12, 2011, Thursday
|
Online Edition
Online Edition
CHINA today asked banks to freeze more money from lending as it adopts more tightening measures on a higher-than-expected inflation figure in April.
The reserve requirement ratio, or the money put at the hand of the central bank, will rise by 0.5 percentage point starting May 18, the People's Bank of China said on its Website.
Big banks in China will face a reserve requirement ratio of 21 percent after the increase.
China on Wednesday said April's? consumer prices rose 5.3 percent. Though it eased from March's 5.4 percent, a 32-month high, it still came above expectations and the government's 4 percent inflation target for 2011.
The reserve requirement ratio, or the money put at the hand of the central bank, will rise by 0.5 percentage point starting May 18, the People's Bank of China said on its Website.
Big banks in China will face a reserve requirement ratio of 21 percent after the increase.
China on Wednesday said April's? consumer prices rose 5.3 percent. Though it eased from March's 5.4 percent, a 32-month high, it still came above expectations and the government's 4 percent inflation target for 2011.
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