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China ups reserve requirements by 0.5%

Date: Friday 12 Feb 2010

China ups reserve requirements by 0.5%

Chinese authorities announced they are lifting the reserve requirements for banks by half a percentage point in order to cool down the Chinese economy.

It is the second time this year the central bank raised banks' reserve requirements following a half-point increase in January.

The move means that major banks will now be required to keep 16.5% of deposits as reserves.

The central bank made the announcement after the market close in Shanghai and ahead of the week-long Chinese New Year holiday.

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