BEIJING, April 17 (UPI) — China’s central bank Sunday announced it was raising the required reserve ratio for the fourth time this year to counteract rising inflation.
The RRR for China’s leading lenders was boosted another one-half of a percentage point, which the state-run news agency Xinhua said means banks will be required to keep 20.5 percent of deposits in reserve.
Xinhua said the increase was announced after China’s consumer price index, a major marker of inflation, rose to an annual rate of 5.4 percent in March, a 32-month high.
Zhou Xiaochun, the central bank’s governor, told reporters last week China would “continue tightening monetary policy for some time.”
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