China heads for the exit

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The People's Bank of China (PBoC) raised its reserve requirement ratio on deposits by half a percentage point on Tuesday, a move which is widely seen as a strong signal of policy tightening.

The central bank said that from next Monday, large banks would be required to hold 16% of their deposits in reserve, compared to 15.5% previously. "Small financial institutions such as rural credit cooperatives are temporarily exempted from the adjustment to strengthen financing for the agricultural sector a

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