China moves to fend off economic overheating – Kevin Yao and Eadie Chen

From Reuters:

China on Friday moved to curb the rapid credit growth that its leaders fear could cause the red-hot economy to overheat, as the central bank imposed new limits on the amount of money commercial banks can lend.

It raised the proportion of money banks must keep in their reserves by half a percentage point, effective July 5.

The move follows a 27 basis-point hike in benchmark lending rates in late April and a revaluation of the yuan by 2.1 percent against the dollar in July last year.[Full Text]

Also see “China PBoC raises banks’ reserve requirements by 0.5 percent” from Forbes.com

For April’s interest rate change, see “China’s interest rate hike necessary, but not sufficient

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