China Tightens Bank Lending: Report
China's central bank has again raised banks' reserve requirements in an attempt to control the country's booming economy.
BEIJING (
) - China's central bank has again raised banks' reserve requirements in an attempt to
control the country's booming economy
.
The People's Bank of China said on Friday that it will raise the reserve requirement ratio for banks, according to the
Wall Street Journal
.
The reserve ratio will now increase by half a percentage point from Feb. 25, following a
similar increase earlier this year
.
After the increase is implemented, major banks will have to keep 16.5% of their deposits on reserve, according to the Journal. The move is seen as an attempt to control lending and prevent a housing bubble in China.
-- Reported by James Rogers in New York
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