Saudi Foreign Minister warns of dangerous escalation due to Israel's violations    Saudi National Orchestra dazzles London with a breathtaking concert at Westminster Hall    11894 illegal residents deported in a week    Iranian General Abbas Nilforushan killed in Israeli airstrike alongside Hassan Nasrallah    Federation of Saudi Chambers to launch platform for entertainment sector    Brazilian court imposes new conditions for reinstating X in the country    Russian attacks on Ukrainian medical center kill at least nine in Sumy    Flooding in Nepal kills at least 32, leaves 12 missing    Al Ittihad storms back with 4-1 win over Al Khaleej as Al Ahli stumbles in shock defeat to Al Qadsiah    Al Nassr continues winning streak under coach Pioli with victory over Al Wehda    Saudi Industry Ministry hosts "Saudi Night" in Las Vegas, showcasing promising opportunities in mining    OIC-Arab League meeting discusses intensifying efforts to halt Israeli aggression on Palestine and Lebanon    Harry Potter actress Dame Maggie Smith dies at 89    Saudi Arabia calls for urgent action on land degradation and desertification ahead of COP16    Saudi Women's Premier League to kick off on Friday with 3 matches    OMODA&JAECOO ranks first in new car quality satisfaction of domestic brands for two consecutive years    Musk hits back after being shunned from UK summit    SFDA slaps fines of SR678400 on 24 pharmaceutical firms for violations    Turki Alalshikh announces launch of Al Hilal's DAZN channel with Riyadh Season sponsorship    One in three children are short-sighted, study suggests    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Embracing change: A journey towards inner peace    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



China raises bank reserve ratio in anti-inflation drive
Published in Saudi Press Agency on 14 - 01 - 2011


China's central bank raised the reserve ratio for
commercial banks by 0.5 percentage points Friday in the latest
government move aimed at curbing inflation, according to dpa.
The People's Bank of China said it would raise the required
reserve ratio by 50 basis points from January 20.
The rise will mean major banks must reserve a minimum of 19 per
cent of their deposits while smaller ones should retain 15.5 per
cent.
The bank said the tightening measure was expected to withhold some
350 billion yuan (53 billion dollars) of the banks' liquidity.
The central bank raised the reserve ratio six times last year in a
bid to curb lending amid rising consumer price inflation, which hit a
28-month high of 5.1 per cent in November.
On December 26, it also raised the benchmark one-year lending rate
by 25 basis points to 5.81 per cent and the one-year deposit rate by
25 points to 2.75 per cent.
That interest-rate hike followed the central bank's raising of
interest rates in October for the first time since 2007.
At an economic conference in early December, the government said
it planned to move from a "relatively loose" to a "prudent" monetary
policy this year.
Premier Wen Jiabao said in late December that he was confident
government measures would succeed in curbing soaring food and
property prices.
Wen conceded that policies introduced last year to limit property
price rises were "not well implemented."
He said the government planned to develop more affordable housing
and try to stem the flow of credit to property speculators.
Analysts said they expected inflation to continue at around 4 to 5
per cent in 2011.


Clic here to read the story from its source.