People's Bank of China boosts reserve requirement ratio for banks

The People's Bank of China has for the third time this year raised the reserve requirement ratio for domestic banks in an effort to tackle inflation and rein in increasing property prices. Following the announcement, China's finance minister, Xie Xuren, reiterated that the country will maintain a "moderately loose" monetary policy. Economists, however, say Chinese officials may need to utilize other policy measures to keep inflation in check.

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