China Hikes Up Reserve Ratio To Slow Economy – AFP

From AFP, via

China’s central bank on Sunday ordered major commercial banks to set aside more money in reserves in an effort to slow its economy after higher-than-expected first-quarter growth figures.

The required reserve ratio will rise by 50 basis points to 11 percent with effect from May 15, the People’s Bank of China announced in a brief statement on its website, but government-employed economists said more might be needed.[Full Text]

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