China Raises Bank Reserve Requirements as Inflation Quickens
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China ordered lenders to set aside more cash as reserves after inflation accelerated to the fastest pace in almost three years in May and industrial production rose more than estimates.
A half percentage point increase announced by the central bank today and effective June 20 will take the ratio to a record 21.5 percent for the biggest lenders. The move was hours after data showing the inflation rate climbed to 5.5 percent.