BEIJING ( TheStreet) -- China's central bank raised lenders' required reserves by 50 basis points on Friday, Reuters reports.

It's the People's Bank of China's seventh increase since early 2009 in an effort to fight inflation, Reuters notes. Inflation in China rose to a 28-month high of 5.1% in November.

The PBOC said the increase would be effective Jan. 20.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.

If you liked this article you might like

Gold, Google, SEC Hack - 5 Things You Must Know Before the Market Opens Thursday

Fed Decision, Mexico Earthquake - 5 Things You Must Know Before the Market Opens

Fed, Toys 'R' Us, Equifax and Hurricane Maria - 5 Things You Must Know

Dow, Northrop Grumman, Slack - 5 Things You Must Know Before the Market Opens

North Korea, London, Google - 5 Things You Must Know Before the Market Opens