November 11, 2010 / 1:19 AM / 9 years ago

China hit some banks with extra RRR increase -sources

BEIJING, Nov 11 (Reuters) - China raised reserve requirements twice, not once, for some banks on Wednesday to lock up more of the cash that is coursing through the economy, two sources said on Thursday.

The People’s Bank of China said on Wednesdsay that it was increasing required reserve ratios by 50 basis points for all lenders. This followed a report earlier in the day by Reuters that the central bank had targeted a few specific banks, such as Bank of China, with a reserve requirement increase.

It had been unclear whether the central bank’s announcement was a confirmation of the earlier report or an additional increase.

Industry sources said certain banks had in fact been hit with a special order on top of the sector-wide move, making for a total increase of 100 basis points for these banks. (Reporting by Shanghai and Beijing news team; Editing by Ken Wills)

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