From AFP, via Citizen.com.za:
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]
