SteelOrbis Shanghai
The People's Bank of China (central bank) issued an announcement on April 16 to the effect that it will raise the RMB deposit reserve ratio of financial institutions in China by half a percentage point as of April 25, 2008.
Following the adjustment, the deposit reserve rate will be 16 percent.
According to the central bank, this latest hike is aimed at the implementation of a stringent monetary policy, at the continuous strengthening of liquidity control at the banks, and at the guidance of reasonable credit growth.