China raised banks’ reserve ratio requirements on Sunday, the fourth time this year that Beijing has used this tool to tighten liquidity. The move underscores Beijing’s commitment to monetary tightening at a time when other economies, including the European Central Bank, are also beginning monetary tightening.
China’s central bank said it was raising the reserves that commercial banks must deposit with the central bank to 20.5 per cent, an increase of 50 basis points, with effect from April 21.
Controlling inflation is China’s top economic priority this year, but monthly inflation data have remained high despite several rounds of tightening. March’s consumer price index rose to 5.4 per cent, the highest level in nearly three years.
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