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Chinese central bank lifts foreign currency reserve ratio to cool economy.
(From BBC Monitoring International Reports)
Text of report in English by official Chinese news agency Xinhua (New China News Agency)
Beijing, 30 August: China's central bank has announced a one percentage point hike in the required reserve ratio for foreign currency deposits in another moderate measure to tighten credit and cool the economy.
Effective on 15 September, the new policy demands banks keep 4 per cent of their foreign currency deposits as reserves at the central bank, a rise from the 3 per cent imposed less than two years ago, the People's Bank of China said in its latest statement.
The move is to "further implement the prudent …
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