PBoC Raises RRR For Some Small And Medium Banks As China Aggressively Returning Bernanke's Inflation Back To Sender
The Chinese New Year interest rate hike, as expected was just the beginning. China has just announced it is hiking the Reserve Requirement Ratio for select small and medium banks. This is merely an escalation in what is now becoming an open trade/monetary war between China and the US, which will be lost... by both.
China’s central bank adjusted the reserve requirement ratio for some of the nation’s medium and small lenders, mainly local city commercial banks, the China Securities Journal reported, citing an unidentified person.
The adjustment was made after the Chinese New Year holiday ended Feb. 8, the Beijing-based newspaper reported today.
China’s central bank made the adjustment after new lending in January exceeded 1.2 trillion yuan, according to the report.
The newspaper didn’t say if the reserve requirement ratio for the banks was raised or lowered and didn’t identify which banks were affected by the adjustment.
Many more coming up as China now violently send Bernanke's inflation back to sender.
In the meantime, here is Ken Rogoff confirming that the risk of a full blown trade war is higher than at any time in the last several decades.
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