China curbs bank lending

The Chinese central bank has tightened lending rules for the sixth time this year, marking the government's latest attempt to prevent the country's economy from overheating.

In a statement, The People's Bank of China said it would require lenders to decrease the pool of money available for borrowing by introducing a new ceiling for the level of deposits they are obliged to keep with the central bank.

From mid-August, the Reserve Ratio Requirement threshold will be raised from 11.5pc to 12pc, it said.
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Such measures have had little effect to date, with the Chinese economy expanding by almost 12pc in the last quarter, its fastest rate of growth for 12 years.

Read Full Article from Telegraph.co.uk

- Posted: 2007-07-30 10:28:19

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