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Reserve requirements raise becomes effective Thursday

Updated: 2011-02-24 09:27

By Qiang Xiaoji (chinadaily.com.cn)

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Reserve requirements raise becomes effective Thursday

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The People's Bank of China, China's central bank, announced a raise in the reserve requirement ratio (RRR) by 50 basis points Feb 18. The new standard became effective Thursday, Xinhua reported.

This was the second time that the central bank raised the RRR this year and the eighth time since last year.

After the adjustment, the RRR for large financial institutions will hit a new high of 19.5 percent.

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