Chinese banks will have to keep less money stored away as reserves, the central bank announced Wednesday, a move designed to pump more money into the country's stuttering economy, according to dpa. Although China enjoys much stronger growth than the Western world,its growth rates have slowed in recent years. By requiring banks toonly keep 21 per cent of their holdings in reserve, more money shouldbe available for loans and other investment. The change in policy, announced Wednesday by the People's Bank ofChina, will go into effect December 5. Currently banks are requiredto keep 21. 5 per cent of their holdings in reserve. It is the first time in three years the central bank has loweredthe reserve requirement. The last time came in the early days of thefinancial crisis, in 2008. The move comes after a recent lowering of the purchasing manager'sindex and amid growing problems in the eurozone, a key tradingpartner for China.