us futures taking a hit, page-6

This is the link for the Central Bank of China's english page
http://www.pbc.gov.cn/english/detail.asp?col=6400&id=709

and this is the release

The PBC Announced to Slightly Raise Reserve Requirement Ratio



With approval of the State Council, the PBC decided to raise the reserve requirement ratio of deposit-taking institutions by 0.5 percentage points effective Aug.15, 2006. The reserve requirement ratio of rural credit cooperatives (including rural cooperative banks) will remain at its current level.



Since the beginning of 2006, China's national economy has maintained a good shape featuring stable and fast economic growth, accelerated structural adjustment and continued improvement of economic efficiency. However, excessively fast growth of fixed assets investment, relatively speedy expansion of money and credit and widening trade surplus still constitute the main problems in current economic performance. A 0.5 percent increase of the reserve requirement ratio is designed to strengthen liquidity management, restrain the relatively fast growth of money and credit and preserve a sound development momentum.



The PBC will continue to carry out sound monetary policy, maintain policy continuity and stability, have a stable growth of money and credit, support the expansion of direct financing and enhance the allocation efficiency of financial resources so as to promote the sustained, balanced and healthy development of national economy.