MW: China hiking reserve ratios for some banks: report
By Michael Kitchen
CN:601988 HK:3988 BACHY CN:601328 HK:3328
LOS ANGELES (MarketWatch) -- China's central bank is raising the required reserve ratios by half a percentage point for certain key lenders, according to a Reuters report Wednesday citing unnamed sources. Among the banks which must increase their reserve ratios are Bank of China Ltd. (CN:601988 3.60, 0.00, 0.00%) (HK:3988 4.63, -0.15, -3.14%) (BACHY 15.50, -0.10, -0.64%) and Bank of Communications (CN:601328 6.14, -0.12, -1.92%) (HK:3328 8.66, -0.30, -3.35%) (BKFCF 1.14, -0.04, -3.39%) , the report said. A separate Dow Jones Newswires report also flagged the move, based on unnamed sources, saying it would go into effect Nov. 15. Shares of Bank of China traded down 2.7% in Hong Kong, while those of BoCom lost 2.8%, outpacing a 0.9% drop in the Hang Seng Index (HK:HANGSENG 24,426, -284.53, -1.15%) .
