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11-24-2011, 01:04 AM
HONG KONG (MarketWatch) -- China's central bank confirmed Wednesday it had lowered the reserve requirement ratio for six rural banks in Zhejiang province, cutting the ratio of funds that need to be set aside with the People's Bank of China as reserves to 16% from 16.5%, effective Friday. The adjustment rolls back a 0.5% penalty that was levied on the banks following a review last November. The PBOC was cited as saying in a report by the state-run Xinhua news agency that the reserve ratio was increased last year as a way of punishing banks for not lending enough to rural farming businesses. The lowering of the reserve requirment shouldn't be seen as a policy easing move, the report quoted the PBOC as saying.
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