Chinas central bank raises reserve requirement ratio by 0.5 percentage points from Jan. 18

The Associated Press ~ staff The News
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BEIJING - China's central bank is raising the reserve requirement ratio by 0.5 percentage points effective Jan. 18.
The credit-tightening move is the first adjustment in the amount of money banks are required to keep on deposit since June 2008. It reflects concerns over a possible rise in inflation this year as China's economy rebounds.
Agricultural credit co-operatives and other rural financial institutions were exempt from the move to ensure adequate financing is available for the spring planting season, the People's Bank of China said in a brief statement on its Web site posted Tuesday.

Organizations: Chinas central bank, People's Bank of China

Geographic location: China, BEIJING

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