Chinese central bank for the third time this year that raises reserve requirements for banks

The People's Bank of China (China's central bank) announced an increase from March 25 of the required bank reserve ratio on deposits by 50 basis points, Bloomberg reported, citing the press release of the Central Bank of the country. At present, reserve requirements for major Chinese banks constitute 19.5%. Chinese Central Bank raised banks' reserve requirements for the third time since the beginning of this year as part of measures to combat inflation. The last increase by 50 basis points came into force on 24 February. Source: Finmarket