File photo of People's Bank of China governor Zhou Xiaochuan [Photo: cs.com.cn]
Chinese central bank governor Zhou Xiaochuan denied rumors the Central Bank will increase the reserve-requirement ratios for some commercial banks because they issued new loans too fast.
He made the remark while attending the annual Chinese Economists 50 Forum in Beijing this afternoon.
Meanwhile, the central bank issued a statement on its website saying that it will abolish preferential reserve requirement ratios for some banks after they failed to meet official requirements.
The central bank has examined banks' implementations of targeted RRR cuts announced last year and found a small number of lenders had failed to meet the standards attached to such cuts.
The standards were related to the banks' support for the farm sector.
The latest changes to the RRR will take effect next Thursday.
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