China Ctrl Bank: To Raise Reserve Requirement Ratio 50 BPs

BEIJING (Dow Jones)-- China said Monday it will raise banks' required reservesby 50 basis points in a bid to curb excess liquidity and overly rapid loangrowth.

It will be the ninth time in just over a year the bank has raised therequirement.

The reserve requirement ratio will rise 50 basis points effective Aug. 15, thePeople's Bank of China said in a statement. That raises the ratio for most banksto 12%.

-By Rick Carew and J.R. Wu, Dow Jones Newswires; 8610 6588-5848; rick.carew@dowjones.com

Corrected July 30, 2007 06:06 ET ( 10:06 GMT)

China's raising of the required reserve ratio by 50 basis points raises theratio to 12% for most banks.

("China Ctrl Bank: To Raise Reserve Requirement Ratio 50 BPs," published at 0954 GMT, misstated the ratio for most banks.)

(END) Dow Jones Newswires 07-30-07 0544ET Copyright (c) 2007 Dow Jones & Company, Inc.