Fri, February 12, 2010
BEIJING, Feb. 12 (Xinhua) -- The People's Bank of China (PBOC), China's central bank, announced Friday it will raise the reserve deposit ratio for Chinese financial institutions by 0.5 percentage points from Feb. 25 this year.
The ratio for small financial institutions, such as rural credit cooperatives, will remain unchanged, to support the agriculture sector, the PBOC said in the statement.
This is the second rise in the deposit ratio this year. The deposit ratio was previously raised on Jan. 18, 2010. The central bank had held the deposit ratio steady since it last cut it in December 2008.
The PBOC cut the bank reserve requirement ratio four times during the second half of 2008 to stimulate growth, as the global financial crisis weighed on the economy.
