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BEIJING: China's central bank announced Sunday it would raise the amount of money that lenders must keep in reserve as official concerns persist over inflation and rising housing costs.

The People's Bank of China said it would raise its reserve ratio requirement by 0.50 percentage points, effective from Thursday.

The move comes after the government announced on Friday last week that the consumer price index had reached 5.4 percent in March, a nearly three-year high.

Copyright AFP (Agence France-Presse), 2011

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