China Raises Banks' Reserve Ratio
BEIJING -- China has ordered its banks to hold back more money as reserves in a new move to curb lending and cool inflation.
The order Friday was China's second reserve increase in two weeks and came as Beijing tries to restore normal financial conditions and curb inflation after its recovery from the global crisis.
The central bank ordered lenders to set aside an additional 0.5% of their deposits.
The government is trying to cool pressures that pushed China's inflation rate to a 25-month high of 4.4% in October.
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