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Strategies & Market Trends : Greater China Stocks

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From: Julius Wong	2/18/2011 7:56:07 AM
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China Raises Bank Reserve Ratios to Counter Inflation By Bloomberg News - Feb 18, 2011 China’s central bank raised reserve requirements for lenders 10 days after boosting interest rates as Premier Wen Jiabao tackles accelerating inflation and the risk of asset bubbles in the fastest-growing major economy. Reserve ratios will increase half a percentage point starting Feb. 24, the People’s Bank of China said on its website today in a one-sentence statement. The move will lock up about 356 billion yuan ($54 billion), Nomura Holdings Inc. said. Lending surged in January and inflation quickened as new home prices rose in all but two of 70 cities monitored by the government, official reports showed this week. Central bank Governor Zhou Xiaochuan said policy makers may also use means “including rates and currency” to tackle inflation, in an interview in Paris after the reserve-ratio announcement. China has a profound liquidity and inflation problem that is, even with this latest tightening, getting further ahead of policy makers,” said Glenn Maguire, chief Asia economist at Societe Generale SA in Hong Kong. Crude oil pared gains in London and extended losses in New York after the announcement. European stocks and U.S. index futures fell. The Stoxx Europe 600 Index dropped 0.3 percent at 10:30 a.m. in London, while Standard & Poor’s Index futures slipped 0.2 percent. Read more bloomberg.com

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