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China raises reserve requirement ratio to fight inflation

(Xinhua)
Updated: 2008-05-12 16:58

China's central bank announced on Monday that it would raise the reserve requirement ratio for commercial banks by 0.5 percentage point to curb the rising inflation.

This is the fourth such move so far this year, and it will lift China's  reserve requirement ratio to a new high of 16.5 percent as of May 20.

"The rise is aimed at strengthening liquidity management in the banking system and steering bank credits to grow reasonably," the People's Bank of China said in a statement.

The bank raised the reserve requirement ratio on January 25, March 25 and April 25, respectively, on top of 10 such moves in 2007. It also raised interest rates six times last year.