China ordered banks to hold more of their deposits on reserve with the central bank on Friday in a move aimed at reducing the amount they can lend and tackling stubbornly high inflation in the country.
The central bank raised the required deposit reserve ratio by 0.5 percentage points for all Chinese banks, effective from January 20, bringing the publicly announced ratio to 19 per cent for the country’s main lenders.
The requirement was already at its highest level since reserve requirements were introduced in the mid-1980s after the central bank raised the ratio six times last year.
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