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China Raises Bank Reserves as Cash Inflows Surge

Date: 10 November 2010

Source: Reuters Website

The People Bank of China (PBOC) has stepped up efforts to tackle its rising inflation by increasing their reserve requirement ratio (RRR) by 50 basis points. The larger banks in China will now be required to hold “a record 18%’”in reserves. This increase comes as China moves to tighten its monetary policy due to new inflation data suggesting a “two year high at 4%.” This increase is due to come into effect 15 November with more monetary policies expected in the coming month.

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