BEIJING (Reuters) - China's central bank said on Friday that it would once again raise lenders' required reserves by 50 basis points, the second time this year and the eighth official increase since the start of last year.
In a short statement posted on its website, the People's Bank of China said the increase will be effective February 24.
It is Beijing's latest step to mop up excess cash in the economy. Annual inflation was 4.9 percent in January, slower than market expectations, but it still marked an acceleration from 4.6 percent in December.
(Reporting by Langi Chiang and Simon Rabinovitch; Editing by Don Durfee)
