Central Bank hikes reserve requirement ratio by 50bps. The People's Bank of China (PBOC) has raised the deposit reserve requirement ratio (RRR) for most financial institutions.

By bne IntelliNews May 2, 2010
As reported by Associated Press Newswires, the move is aimed at dampening inflationary pressures in the Chinese economy. The PBOC announced a 50 basis points (bps) increase in reserve requirements to 17% of bank deposits for large institutions and 14% for others. The raise in RRR is expected to drain upto CNY 320bn (USD 47bn) from China's financial system and help the government control rising housing and other prices, which has been fueled by massive bank lending.

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