International | Sep 07 2007
By Rudi Filapek-Vandyck
Shares on the Chinese markets opened lower on Friday following an announcement by the Chinese central bank that bank reserve requirements had again been increased. The announcement made overnight marked the seventh such move this year.
The People’s Bank of China, as the Chinese central bank is officially called, said the reserve requirement will be raised by 0.5 percentage points, effective Sept 25. The latest action will bring the ratio to 12.5 pct
As per usual, market rumours had preceded the central bank’s move in the past week.
And equally as per usual, local analysts have been quick on their feet to state the move won’t impact on economic growth in the country, targeting the local stock markets instead.
