From AP, via International Herald Tribune:
China’s central bank ordered commercial banks Saturday to keep more money on hand, raising a key reserve requirement yet again to try to rein in the rapid lending that is fueling torrid economic growth.
The People’s Bank of China said the reserve requirement will be raised half a percentage point, to 13.5 percent, as of November 26.
It was the ninth such increase this year. The move was intended to “strengthen liquidity management in the banking system and check excessive credit growth,” the central bank said in a brief statement on its Web site. [Full Text]