China Monetary Policy


China: Central Bank raises reserve requirements for the third time this year

March 18, 2011

On 18 March, the People's Bank of China (PBOC) raised the reserve requirement ratio (RRR) for commercial banks by 50 basis points to 20.0% for the largest banks, effective 25 March. The move represents the third hike in 2011 and takes the RRR to a historical high. However, the PBOC refrained from raising the benchmark one-year lending rate after lifting the rate three times since October last year to the current 6.06%. The tightening move came after Wen Jiabao stated that inflation is the top priority for macro policies this year during the annual National People's Congress.


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