Chinese govt increases stake in banks
Monday 10 October 2011 - by Karina Whalley
The Chinese government has increased its stakes in each of the country's "big four" banks, according reports.
Chinese financial stocks have weakened in recent months due to measures to ease high inflation from an over-heating economy.
The Chinese central bank has raised interest rates three times over the past year and increased the reserve requirement ratio six times over the same period in an attempt to rid the market of excess money supply.
On the news, share prices of all four banks increased at the market's close, while the Chinese stock market closed at a two year low, noted the news agency.
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