China’s central bank stepped up its efforts to rein in inflation by ordering domestic banks to increase the level of deposits they hold in reserve, the third time it has done so this year.
The People’s Bank of China said on Friday it would raise the reserve requirement ratio by half a percentage point on March 25. This would force most large institutions in China to hold a record 20 per cent of their deposits in reserve at the central bank.
Economists said the increase in the reserve ratio would lock up as much as Rmb370bn ($56bn) in funds that banks would otherwise have been able to lend.
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