Economics
China Stock Index Declines After Reserve Requirement Increase
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China’s benchmark stock index fell for the first time in three days as banks declined after policy makers boosted the amount of money that lenders must set aside, overshadowing gains for consumer staple producers.
China Construction Bank Corp. dropped 2.3 percent after the central bank ordered a 50 basis point increase in reserve ratios. Poly Real Estate Group Co. lost 1.2 percent on concern mortgage lending will decline. Gansu Dunhuang Seed Co. paced an advance by agricultural companies after Goldman Sachs Group Inc. said grain prices will rise next year, while ZTE Corp. rose among telecommunication companies on speculation the government will provide support to the technology industry.