China to extend increase in reserve ratio for some banks
BEIJING: China's central bank extended a temporary 50 basis point increase in the reserve requirement for some of the nation's lenders by three months, said two people briefed on the matter.
The increase, implemented in October for two months until December, is now set to expire in March, said the people, who asked not to be identified as they weren't authorized to speak on the matter.
China raised the requirement in October for Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Bank of China Ltd., Agricultural Bank of China Ltd., China Merchants Bank Co. and China Minsheng Banking Corp., three people with knowledge of the matter said at the time. -PB News